Ukraine would step up its economic reforms to promote financial and social stability, acting Prime Minister Sergey Arbuzov said here Wednesday. "Implementation of reforms is a key to economic development and social understanding," Arbuzov told a cabinet meeting. Under the reform plan, the government would simplify the taxation system, cut public spending, reduce administrative barriers for businesses and enhance the fight against corruption, Arbuzov said. He added Ukraine would also continue on its path towards the fundamental reform of the energy sector. The acting premier said Kiev would further encourage foreign businesses to enter the Ukrainian market through strengthening the protection of investors and providing state guarantees for safety of business assets. Ukraine's economy, which was hit by a political crisis and weak exports, stagnated last year. The Eastern European nation is also suffering from reduced investment and a high level of corruption. The package of economic reforms is expected to put the country on the path to growth.