Ukrainian government approves regulations on Office of Financial Control

Ukrainian government approves regulations on Office of Financial Control

The Cabinet of Ministers of Ukraine has approved regulations on the Office of Financial Control.

According to a report posted on the government's website, this is the next logical step in the formation of a new body.

"The approved regulations state that the Office of Financial Control will carry out control measures in ministries, other executive bodies, state funds, compulsory state social insurance funds, budget-sustained institutions, entities of the public sector of the economy, as well as in enterprises, institutions and organizations that receive (received) funds from the budgets of all levels, state funds and compulsory state social insurance funds or use (used) state outside or municipal property," the report said.

The newly created body will be responsible, in particular, for checking the use and saving of state funds, fixed assets and other assets, including proper, efficient and effective use of state and local budget funds.

In addition, the Office of Financial Control will monitor compliance with legislation at all stages of the budgetary process regarding state and local budgets, monitor compliance with the law on procurement, proper use and timely repayment of credits (loans) obtained under state (local) guarantees.

The agency will also be responsible for the implementation of investment projects and other projects (programs) supported by international organizations.

On February 6, Ukrainian Finance Minister Oksana Markarova introduced Head of the Office of Financial Control Ihor Buhrak.


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