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Accounting Chamber of Ukraine is worried with WB loan implementation

 

MyLand - 06/12/2010:

 

Today news agencies of Ukraine circulated the statement of the press-service of the Accounting Chamber of Ukraine, an auditing public institution.

The Accounting Chamber of Ukraine announced that the World Bank loan for rural land titling and development of the system of cadastre was reduced by over a half – from the initial sum of USD 195 million it is now available for Ukraine only USD 105 million.
The Chamber pointed out that it was monitoring the implementation of the project from the very beginning. It asserts that the State Committee of Ukraine on Land Resources along with the Ministry of Finance failed to establish an effective project management system; that, according to the Chamber, has finally led to the reduction of the loan. The said reduction poses a question upon the complete achievement of the project goals.
Over 6 years of implementation the State Committee on Land Resources and the Center of State Land Cadastre managed to spend only USD 23.7 million, or 12.1% of the loan. It looks dubious that they will be able to appropriate the rest of the loan by June 2012, when the project is to be finalized.
The Chamber also stresses that the social targets of the project, namely, conversion of land share certificates into land titles, have not been met while the source of funding for doing so was lost. Only 422 thousand land titles were issued over 6-year period, or 11% of the planned number.
The Chamber pointed out that there is a risk that some of contracts for development of base and index map will not be fulfilled.
 

 

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