Rada approved three-year budget planning

Рада утвердила трехлетнее бюджетное планирование

Rada adopted a three-year budget planning

The document introduces fill Budget returns during budget planning for the next three years.

2019 Ukraine will switch to a three-year budget planning. The relevant law on Thursday, December 6, adopted by the Verkhovna Rada. Voted 238 deputies.

The reform envisages the introduction of three-year Budget instead of an annual Declaration of the main directions of the budget policy. This new strategic planning document will determine fiscal policy for the medium term. At the local level will be the local three-year financial plans.

In accordance with the new law, the Ministry of Finance will develop a Budget Declaration, subject to the provisions of the documents of state strategic planning for five years or more, in particular, sectoral policies and strategic plans of the main managers of budgetary funds. In turn, the strategic plans of managers will be specified on the basis of the Budget Declaration.

In the Budget Declaration will specify not only the volume of public and publicly guaranteed debt and main tasks of tax policy, but also the ceiling of expenses and the provision of loans.

The government will be obliged to submit the Declaration of the Budget and the macroeconomic forecast not later than 1 June. Parliament will have to take it until July 15.

In addition, the act defines public service as the realization of the state bodies of powers related to the implementation of the tasks and functions stipulated by the legislation.

According to the norms of the bill, the state budget deficit, the Budget establishes a Declaration may not exceed 3 per cent of the forecast nominal GDP of Ukraine.

We will remind, in April of 2017, President Petro Poroshenko has signed a law that requires the introduction of a medium-term budget planning.

 

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