The Ministry of Finance will allow Nikolaev to enter the foreign markets!

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Yesterday the Ministry of Finance promised to expand the list of the cities which will be able to attract external loans.

Will allow to enter the foreign markets since 2009 to Lviv, Nikolaev and Krivoi Rog. Officials say that will use new opportunity, but experts are sure that it will be difficult to cities to attract money abroad from - for absence at them investment history and world crisis of liquidity.

The Minister of Finance Victor Pinzenyk at yesterday's selector meeting of the government declared plans "to expand a circle of the cities which have the right to carry out external loans". Now the cities with the population not less than 800 thousand inhabitants whereas since 2009 department will lower this requirement to 500 thousand inhabitants have the right for attraction of external loans. Thus, the right to issue eurobonds or to attract the external loan will receive Lviv (the population - 788 thousand people), Krivoi Rog (703 thousand) and Nikolaev (508 thousand).

Municipalities hope for initiative approval. "This very wise decision as today there is no system financing from the state budget, - the mayor of Lviv Andrey Sadovy told. - Investments are constantly necessary for us, and we have no right to wait, and it is necessary. For example, for historical monuments which demand urgent reconstruction, to Lviv allocated 30 million UAH, however we received only 850 thousand UAH. Receiving the credit for us - one of exits, and Lviv will surely use such opportunity". Besides, investments will be necessary for Lviv by preparation for the European Football Championship in 2012." The initiative is connected with prospects of attraction of investments, but the accurate budgetary policy and history of the budgetary relations" is for this purpose necessary, - the head of department of the analysis and researches "Raiffeisen Aval Bank" Dmitry Sologub considers. We will note that other cities hosting the championship, - Kiev, Donetsk, Kharkov, Dnepropetrovsk and Odessa - have the population over 800 thousand people and therefore can enter a foreign market.

However, experts say that at an adverse situation in the world market of the capital which lasts from the middle of 2007, it will be very difficult to new cities to attract external loans. "In view of lack of investment history at these cities it is impossible to say that investors wait for them with open arms. While only Kiev remains interesting to investors", - the president of the Ukrainian society of financial analysts Yury Prozorov is sure. "But with bad liquidity of a foreign market even Kiev had adverse conditions of attraction", - Dmitry Sologub noted. The last issue of eurobonds of Kiev on 250 million dollars was placed in November, 2007 on a rate of 8,25%. Kharkov in 2007 acquired the right to enter foreign markets from the Ministry of Finance, but didn't use of

Analysts are sure that the innovation of Cabinet of Ministers won't be realized before the end of world financial crisis. "Before 2009-2010 liquidity won't increase", - Yury Prozorov is sure. If the cities risk to carry out issues of bonds, they will need to agree about repayment of bonds by one - two banks, the expert added.


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