13:08 27.11.2009

Presidential secretariat says about misuse of funds from sale of government domestic loan bonds for Euro 2012

The government of Ukraine is misusing funds allocated to prepare for the Euro 2012 European Football Championship that were attracted via the placement of special government domestic loan bonds, First Deputy Head of the Ukrainian Presidential Secretariat Oleksandr Shlapak has said.

"According to the elaborated special joint procedure of actions, the government issued special bonds for three years with an attractive rate. The commercial banks issued them for about UAH 720 million, but the government in violation of its word allocated only UAH 200 million from this sum for preparations for the Euro 2012," he said in the parliament on Thursday.

"The rest was used for patching up budget holes," Shlapak added

According to him, since the beginning of the year the direct state debt has grown by UAH 95 billion, to UAH 225 billion.

The state budget foresees the sale of government domestic loan bonds worth UAH 26 billion (without taking into consideration the issue of state bonds as part of the scheme of capitalization of state and other commercial banks). The Finance Ministry has received UAH 16.52 billion for their placement.

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