Today at the
session of the Government Committee there have been endorsed the bills, which envisage
simplifying a procedure of selection of investment projects to be financed from
the State Fund for Regional Development. This was announced by Vice Prime
Minister/Minister of Regional Development, Construction, Housing and Utilities
of Ukraine Hennadii Zubko
at a briefing on Tuesday.
to the Budget Code and the Law "On Fundamentals of State Regional Policy"
were designed to simplify and improve the efficiency in use of money of taxpayers.
We are talking about acceleration and more efficient use of the State Fund for Regional
Development (SFRD)", informed Hennadii Zubko.
According to the
Government official, the procedure of approval to redistribute SFRD funds for
investment programs and regional development projects lasts up to 4 months.
Accordingly, this reduces the time to implement them, while the funding process
doesn’t commence from the year start, but in most cases in late III – early IV
quarter of the year.
In 2015, there
have been selected 877 projects. But due to the complex procedure of
coordination, the use of funds for their implementation makes up about 60%.
Hennadii Zubko announced that the offered changes would cut the term
of selection the projects to 20 days and reduce the selection procedure from 9
to 3 stages. In addition, the remaining SFRD funds from the planned amount can
be used next year.
we would prevent economic losses from annual underinvestment of projects through
reducing inflation losses by UAH 650 million approximately", added the
Vice Prime Minister of Ukraine.
According to him,
the more functional procedure will provide an opportunity to promote the
development of an online SFRD platform, where one can trace the selection, the
passing and each stage of implementation of any investment project in various