The Verkhovna Rada of Ukraine today, November 17 adopted the law on the establishment of the State road Fund to Finance the repair and construction of roads in the country, reports UNIAN.
For the bill №4014а on amendments to the law of Ukraine on sources of financing of road economy of Ukraine concerning improvement of the mechanism of financing of the road sector as a basis and as a whole voted 248 deputies with the required minimum of 226 votes.
Presenting the bill, the head of the parliamentary Committee on transport Yaroslav Dubnevich noted that the adoption of the document will allow to increase funding for roads and significantly improve the technical condition of roads, more than 90% of which are in need of overhaul or renovation, by creating a special Fund with the target utilization of funds.
However, Dubnevich noted that the launch of the Road Fund is proposed to be moved from 2017 to 2018, followed by the financing in the amount of 50% of the proceeds to the Fund of the excise tax on petroleum products for 2018, 75% for 2019 and 100% by 2020.
See also: What will change the Road Fund, and when will the highways
According to the document, 60% of the Road Fund will be channeled to construction, reconstruction, repair and maintenance of roads of General use of hostmachine, 35% – on local roads, 5% on financing of road safety.