President Viktor Yanukovych has conducted a meeting of the National Anti-Corruption Committee. 

Opening the meeting President stressed that there are lots of problems requiring political level solutions in the area of fighting corruption. 

"We all know that corruption in Ukraine has become a way of bureaucracy’s existence and is a cause of massive shadow economy. It threatens the security of our country," he said. 

Viktor Yanukovych stressed that Ukrainian society is losing at least 20 billion hryvnias annually – the money being diverted from the budget or stolen through corruption schemes. 

"Due to corrupt deals in the area of public procurement, from 10 to 15% of the state budget ends up in the pockets of officials. It is from 4 to 7 billion dollars," Yanukovych said. 

"Embezzlement of funds and the country's strategic resources - land, minerals, has become a permanent subject of news in our country," he said. 

Viktor Yanukovych expressed confidence that corruption hinders modernization and reforms. 

"Its spread has become systemic, and we have to decide how do we fight it,” he said. 

According to the President, among the results of corrupt schemes are lost investment and funds for modernization, broken roads, sky-high prices, poor quality of healthcare and education, outdated social infrastructure, etc. 

"Ukraine is paying high price for corruption. The burden of corruption very heavy for the whole state's economy," Viktor Yanukovych stressed.

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