Finance ministry sees renewal of medium-term budget planning as key objective for 2024

The relevant statement was made by Ukrainian Finance First Deputy Minister Denys Uliutin during the 12th meeting of the Steering Committee of the EU4PFM Project, an Ukrinform correspondent reports, referring to the ministry’s press service.

The ministry is working with public treasurers and the International Monetary Fund (IMF) to improve the medium-term budget planning procedures, as well as with the SIGNA experts to improve the spending review methodology.

“Among the key accomplishments, I would like to note progress in the development of a new modern IT system to plan and monitor the execution of the state budget. Now, we are testing the developed modules and hope to be able to use the system in practice when preparing the Budget Declaration for 2025-2027 and the draft state budget for 2025,” Uliutin told.

In addition, the official emphasized that it is important for the Government of Ukraine to endorse the National Revenue Strategy until 2030 and expressed hope that the EU4PFM Project would provide support in implementing the above strategy.

“We have a lot of work in progress aimed at developing the state internal financial control, which is an extremely important area with regard to future negotiations on Ukraine’s membership in the EU. We are ready to move from the concept to the preparation of IT solution specifications for the interactive portal of the state internal financial control (SIFC). I am confident that, by increasing the understanding of the importance of this function, we will be able to create conditions for strengthening the quality of internal audit,” Uliutin noted.

A reminder that the three-year Budget Declaration was endorsed for the first time in Ukraine in 2021.