Ukraine goes behind in absorbing foreign loans on road repairs

The disbursement of the allocated facilities from foreign institutions is very slow due to the time consuming in-depth screening process of the repair contractors, told Elena Krivoruchko the CEO of Ukrdorinvest. This scenario is also relevant in case of timely decision making, as the very contractors absorb funds not that fast. Thus, the allocated money remains in the designated banks. On the other hand, state authorities also provide finances for the road repair. During first seven months, domestic fiscal authorities channeled UAH 8bn (USD 296mln) for the roads. The funds were drawn from the pilot project of taking half of money obtained from the customs services which exceed the targeted proceeds at the customs borders. Thus, major proceeds came to the budget from Odessa customs worth UAH 1.6bn, from Kyiv region – UAH 1.4bn, Lviv – UAH 666mln, and Kyiv city – UAH 603mln.