Ukraine to cut public spending on Euro 2012 preparations

Ukraine plans to reduce public spending for UEFA Euro 2012 championship from 9 billion U.S. dollars to 7, Ukraine's Deputy Prime Minister Borys Kolesnikov said here on Tuesday.

"We have fallen behind the schedule. We planned to spend much on constructing highways in the country but 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 7 million dollars," Kolesnikov said in an interview to local media.

The budget for the reconstruction of the national sports complex Olympiskiy in Kiev, the venue for the final match, should not be exceed 580 million dollars, according to the Deputy PM.

Kolesnikov declined to predict the possible profit from hosting the championship.

"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," Kolesnikov noted, adding at least 750,000 guests will visit the country in 2012.

Ukraine's government in June set the budget of the preparations for Euro 2012 at 18 billion dollars with a half of the sum to be relied on investments.

The UEFA Supervisory Board approved the right to stage EURO 2012 in four Ukrainian cities: Kiev, Donetsk, Kharkiv and Lviv.

Source: Global Times