The investment development of regions will cost 16 billion UAH in 2013, President of Ukraine Viktor Yanukovych said at the Association of Cities congress.

"The real resource for regional investment development in 2013 should amount to about 16 billion UAH, which is by 20% more than in 2012. The local budget should include the maximum possible amount of resources. Everyone must pay taxes to local budget," Yanukovych said.

According to him, first of all, amounts of tax revenues will be increased, and a more transparent formula for the calculation of intergovernmental grants and subsidies will be developed on the basis of objective needs of the local authorities: "This will reduce the risk of corruption during the implementation of intergovernmental relations."

In addition, according to the President, the government plans to improve the regulatory framework to attract extrabudgetary funds by local government bodies.


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