Finance Ministry calls on Parliament to approve amendments ensuring introduction of medium-term budgeting this year

21.03.2017 12:38 142

The Finance Ministry calls on Ukrainian MPs to support amendments to the Budget Code and introduce a medium-term budgeting as early as this year (draft law No.6161), the ministry’s press service reports.

“It is another important step in the budget reform, which will allow us to introduce a new effective procedure for managing the budget process," the ministry stressed.

In particular, the procedure extends the term of budget planning from one to three years. A Budget Medium-Term Declaration will be a key element of the medium-term budget planning system. At the same time, the law on the state budget of Ukraine still will be approved for the term of one year.

According to the ministry, the developed medium-term budget planning model is based on best world practices, taking into account recommendations of the International Monetary Fund and peculiaritites of the budget system and Ukrainian legislation.

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