KIEV, July 8 – A parade will not be held in Kiev on Independence Day, but there will be a festive atmosphere in the Ukrainian capital and other cities in the country, President Viktor Yanukovych said.

"As for a parade, perhaps, people are most worried about that. We calculated that the preparations that were made for the parade were extremely necessary, so that our Armed Forces have their equipment in a good condition... So I would say that further funding will be unnecessary ... Yesterday I received all of the calculations. Taking into account the fact that this is a huge amount of money, tens of millions of hryvnias, I made a decision yesterday – [to choose another option] for creating a festive atmosphere," he said at a press conference in Kiev on Friday.