Parliament approves amendments to Budget Code

Parliament approves amendments to Budget Code

The Verkhovna Rada, Ukraine's parliament, has approved amendments to the Budget Code.

According to an Ukrinform correspondent, 311 MPs voted for a respective bill introducing amendments to the Budget Code of Ukraine.

According to the explanatory note, the document provides for amendments to the Budget Code of Ukraine related to the need to regulate the legal framework of the budget system of Ukraine, inter-budget relations and create an appropriate resource base for the exercise of local government powers on a new territorial basis.

The Budget Code is also amended to introduce a portfolio-based government guarantee instrument to support small and medium-sized businesses by guaranteeing the state's partial fulfillment of obligations not exceeding 80% of the total amount of such debt obligations under the loan portfolio, etc.

The implementation of this document is expected to 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, and regulate funds from the single treasury account to cover temporary cash gaps of the general fund of the state budget.


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