Ukrainian parliament passes at first reading bill on state investment

11:16, 06.03.2015 1 min read

The Ukrainian parliament has passed at first reading amendments to the Budget Code drawn up by the Cabinet of Ministers of Ukraine regarding financing of state investment projects.

A total of 239 lawmakers supported draft law No. 2258 at a parliamentary session on Thursday.

Presenting the document, Economic Development and Trade Minister of Ukraine Aivaras Abromavicius said that it is on the list of documents the adoption of which will allow raising $800 million from the World Bank and the Japanese government.

"If we pass this and several more draft laws, the money will arrive to Ukraine in April," he said.

The minister said that 90% of all state investment is allocated without any feasibility studies and the draft law settles the issue. The document envisages the creation of an interagency commission which will discuss the projects for financing.

Abromavicius said that the draft law could be prepared for second reading in two weeks.