KHARKIV. Aug 3 (Interfax-Ukraine) – Ukrainian Prime Minister Arseniy Yatseniuk has instructed local governments to suggest their investment projects to the government which will be financed by the state in 2016.
“The government issued instructions that you should start to prepare investment and infrastructure projects for 2016,” Yatseniuk said at a meeting of the government with heads of regional administrations of eastern and southern regions, which was held in Kharkiv on Friday.
He said that the government had changed its procedure on the selection of investment projects which would use public funds.
Yatseniuk said that according to the changes to the Budget Code, local budgets would be passed by local authorities without waiting for the adoption of the state budget. He also instructed regional administrations to participate in the preparation of local budgets.
“Don’t wait. You already have got a clear picture [of the situation] in the past seven months, you can begin to forecast your budgets as soon as possible, so that you should have the approved budgets in November or December,” he said.
As reported, on July 22 the Cabinet of Ministers established the interdepartmental commission for public investment projects which will select investment projects and determine the volume of their financing.
For the first time, new principles of public investment management will be used in the formation of the draft national budget for 2016. The selection of projects is scheduled to begin in July 2015, and the first meeting of the commission will be held in September. The procedure of project selection provides for conducting state examination, a clear economic justification, and determining the expected economic effect.
