The economic world crisis has not influenced the allocation of funds from the local and regional budgets to prepare for the finals of the Euro 2012 European Football Championship, according to the first deputy head of the Kyiv city administration, Anatoliy Golubchenko.

"Euro 2012 is being completely financed both from the city and national budgets," he admitted at the press conference in Kyiv that was held on Tuesday.

He mentioned that investors had "found themselves in a very difficult situation."

"I consider this is a problem not only for our capital, but also for all other cities, including those in Poland," Golubchenko added.

Let's remind that preparations of Ukraine to be one of the hosts for the 2012 European Championship are on track according to President Viktor Yushchenko.

"I would like to guarantee that Ukraine is working in accordance with scheduling and everything will be finished on time", Yushchenko said Monday.

Yushchenko reported that the stadiums in the cities of Dnipropetrovsk and Donetsk will be opened later this year, and now the renovation works are under way at the Olympic stadium in Kyiv - which will host the 2012 tournament final.

The neighbor countries won the hosting bid a year ago, but have struggled to upgrade crumbling roads and stadiums, a legacy of the communist era. The tournament will be the first main sport competition held in former communist Eastern Europe since the Moscow Olympics in 1980.

The President of UEFA Michel Platini has criticized Ukraine and the other host Poland for dragging their feet in preparations for the tournament, and warned both countries in February to avoid "critical slippage" in infrastructure projects.

Yushchenko also admitted that more than 100 upscale hotels are currently under renovation to host fans.

Yushchenko's comments appeared a visit in Warsaw where he and Polish counterpart Lech Kaczynski signed a declaration on boosting the two countries' cooperation in preparing for the tournament.