Directions and ways of managing finances till 2017 were defined
The Government approved the Strategy of public finance management. The order was passed by the Cabinet of Ministers on August 1, 2013
This legal act is intended to identify the main trends and ways of public finance management until 2017
Components of public financial management, the need of which is reflected in the draft Strategy, include the following:
- state tax policy;
- medium-term budget forecasting and planning, program-target method, strategic planning at the level of administrators of budget funds;
- liquidity management of public finances and public debt;
- quasi-fiscal operations;
- accounting system in the public sector;
- public procurement;
- public investment;
- public internal financial control;
- independent external financial control;
- combating corruption in public finance;
- public access to information on budget.
Content, composition, structure and funds in projects of the Strategy and Action Plan for its implementation were identified on results of meetings of Working Group on public finance management, discussions between experts, concerned authorities and in consultation with representatives of the European Commission program SIGMA.
It is expected that an important consequence of the act adoption would be restoring financial cooperation between Ukraine and the European Union in the framework agreement on financing of sector budget support program from the EU, which now include provision of free and irrevocable basis to Ukraine's budget funds amounting to € 210 million during the 2013 - 2015 for support of public policy in areas of energy, energy efficiency standards, environmental protection, transport and border management.
