Ukraine announces Euro 2012 budget cuts 02/09/2010 |
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Ukraine has announced a reduction in the Government budget to co-host the 2012 European Championships by more than a fifth, with $2bn (£1.3bn) cut from the original $9bn.
The move will affect spending on the building of motorways and other infrastructure but the country’s Deputy Prime Minister Borys Kolesnikov insisted that the 22 per cent slash in investment will not harm Ukraine’s ability to host the tournament.
"We have fallen behind the schedule,” he explained. “We planned to spend much on constructing highways in the country but [are] now forced to concentrate just on the most strategic roads to link airports, stadiums, hotels, roads to the state border, as well as those around the host cities and towns related to the places of residence. I think we'll spend no more than $7bn."
Kolesnikov also seemed to suggest that co-hosting the event with Poland could result in Ukraine losing money.
He added: "It is not easy to say how much the country would earn. What is clear is the fact that we will have modern stadiums, airports and new infrastructure. That is the real treasure."
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