Verkhovna Rada approves amendments to Budget Code

Verkhovna Rada approves amendments to Budget Code

The Verkhovna Rada of Ukraine has approved amendments to the Budget Code as basis.

A total of 252 MPs voted for the relevant bill, No.4100-d, “On Amendments to the Budget Code of Ukraine” at a parliament’s meeting on November 5,” an Ukrinform correspondent reports.

According to the explanatory note, the document provides for amendments to the Budget Code of Ukraine related to the need for regulating the legal framework of the Ukrainian budget system, intergovernmental relations, creating an appropriate resource base for the exercise of local government powers on a new territorial basis.

Amendments to the Budget Code also envisage the introduction of a portfolio-based government guarantee instrument to support small and medium-sized businesses by guaranteeing the state partial fulfillment of obligations not exceeding 80% of the total amount of such debt obligations under the loan portfolio etc.

As expected, the implementation of this document, in particular, will regulate budget relations taking into account the administrative-territorial reform, reduce the expected peak burden on the state budget, provide state support to small businesses, regulate the issue of raising of funds from the single treasury account to cover temporary cash gaps of the general budget.


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