The Ukrainian Minister of Transport and Communications Kostyantyn Yefymenko wishes the Universal Telecommunication Services Fund to be introduced in Ukraine.

According to the minister, there are two options for the growing of the events with possible privatization of Ukrtelecom, Ukraine's largest telecommunication company.

The first option envisages selling the enterprise for the money it costs at the current stage of development.

The second option predicts a higher cost of the enterprise through reforms, including the formation of the Universal Telecommunication Services Fund.

"The Universal Telecommunication Services Fund is a fund to be replenished from deductions from private communications operators for maintenance of social service in the rural areas. It is obvious that the cost of Ukrtelecom will be more high after the reforms of this sort," reported the minister.

Yefymenko also noted that the priority-driven activity of the state operator is developing broadband access to the Internet and developing mobile communications services.

As it was earlier reported, Heorhiy Dzekon, the board chairman of Ukrtelecom, the largest telecommunications company in Ukraine, has admitted that formation of a fund for universal telecommunications services will increase the company's value in case of its privatization.

The Cabinet of Ministers offered in January 2009 that the parliament create a fund for universal telecommunications services, into which communications operators are to provide 35 of the value of the services they provide (excluding value-added tax). However, the parliament rejected the relevant draft law.