UNIAN
A new interdepartmental commission set up by the government will be in charge of overseeing and allocating capital investment, the press office of the Ministry of Economic Development and Trade has reported.
The Cabinet of Ministers has approved a draft law "On amendments to the budget code of Ukraine on public investment projects", which envisages tighter control over the use of budget funds, the ministry said.
According to the ministry, the bill provides for the determination of total public investment in line with the guidelines for budgetary policy for the next budget period. In addition, the need for investment will be determined solely on the basis of project readiness.
At the same time, the distribution of capital investments within the budget will be approved by the Interdepartmental Commission set up by the government.
The bill also envisages that the allocation of funds for new investment projects will be carried out provided the implementation of projects that have already been started is ensured, and it is possible to calculate reliably 75% of the total capital investment required to complete them.
As UNIAN reported earlier, the Cabinet of Ministers of Ukraine intends to submit for consideration of the parliament the law on protecting the rights of investors and the law on public investments.
According to the Minister of Economic Development and Trade Aivaras Abromavicius, the adoption of these laws is necessitated by the importance of creating an attractive investment climate in the country and control over public finances.