President, Cabinet, NBU Agree EURO 2012 Bond Financing

2009/9/29 3:55:55
KYIV, Sept. 28 (Ukrainian News/UBO) -- President Viktor Yushchenko, the Cabinet of Ministers and the National Bank of Ukraine agreed on an auxiliary mechanism of financing preparations for the Europea
Football Championship 2012 through issuing internal public bonds by the ministry of finance, Vice Prime Minister Ivan Vasiunyk told a news conference today. The agreement came during a meeting of the Euro 2012 Coordination Council. "We reached agreement that the Ukrainian government and the National Bank work out and starting next week implement a separate special finance mechanism through issuing internal public bonds," Vasiunyk said. Bonds would be issued on specific conditions until 2012 and commercial banks would be able to buy the bonds at an auction next week, the vice prime minister added. "This financing scheme would under no circumstances have a negative effect on the macroeconomic stability criteria and on the national currency exchange rate," Vasiunyk claimed. In comments released by the president’s office after the meeting, the President was quoted as saying there is progress in preparation for hosting EURO 2012 in Ukraine as much has been done, especially in construction of sports infrastructure. Also, Yushchenko noted the progress in the preparation of hotel infrastructure. "This assessment of UEFA has changed for the better", he said. However, he stressed, many of the problems that still exist are due to bad financing. "There are many problems and the first one is that in fact the program itself is funded from the budget at 27 percent, and if you take the construction and reconstruction of roads, it is 11 percent," the president added. The additional financing comes in the face of pressure from EUFA’s threat to cancel Ukraine’s participation in Euro 2012 unless more progress is seen. A decision on maintaining the joint Poland-Ukraine hosting of the finals is expected to come at a meeting of the football group’s governing body in November this year. ###
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Guest Posted: 2013/11/21 8:58
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resinjam Posted: 2015/10/31 2:29
 Re: President, Cabinet, NBU Agree EURO 2012 Bond Financing