Today, the Verkhovna Rada of Ukraine has adopted a law on amendments to the Budget Code of Ukraine on the introduction of a medium-term budget planning. The document will help to go on to the three-year budget planning, which is the main component of budget reform. The draft law, supported by 260 deputies, was developed by the Cabinet of Ministers of Ukraine.
According to First Deputy Minister of Finance Oksana Markarova, the new planning system will be able to improve the budgetary discipline, plan system reforms in advance and calculate all strategic decisions for the three-year term.
It is expected that chief controllers will be responsible for planning and budgetary expenses. They will have to justify the need for funds for the three-year term and report on the achievement of the performance rates for the previous year.
However, this project doesn’t represent the reform, because it needs a new Budget Code, which will be developed by the Government this year, Markarova noted.