The European Commission will monitor the financial operations of the State Automobile Road Service (Ukravtodor) within the framework of its EUR 1 billion in macro-financial assistance to Ukraine. This is stated in the memorandum of mutual understanding between the European Union and Ukraine, under which the assistance was provided, the UNIAN news agency reports.
The largest state energy holding, Naftogaz of Ukraine, and the State Mortgage Institution will also be monitored.
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As reported, Ukravtodor recently announced that it would audit the loans it obtained on the domestic market through issuance of securities. Such loans were obtained at relatively high interest rates. Foreign auditors from two leading foreign companies specializing in this type of investigation are participating in the audit, Ukravtodor said.
Loans obtained by Ukravtodor total about UAH 40 billion. Of this, UAH 37 billion fall into three types of loans: from international financial institutions under long-term cooperation programs; from foreign banks at interest rates that are equal to the market average; domestic loans. Part of the domestic loans was obtained at the interest rates of 8-9.5% in local currency and part at the interest rates of 15-16.3%. The latter will be subject of the audit.
In addition, the State FinancialInspectorate and specialists from Ukravtodor are searching for corrupt contracts, which will enable Ukravtodor to reduce unjustified payments in the future.
As reported, Prime Minister Arsenii Yatseniuk said in late March that the debts of Naftogaz of Ukraine, the State Railway Administration (Ukrzaliznytsia), and Ukravtodor totaled UAH 140 billion.
