Date: 2 months ago   Category: Economy

Rada entered three years' budget planning

It is the major budgetary reform on which the Ministry of Finance worked three years.

the Verkhovna Rada on Thursday, October 18, adopted in the second reading and in general bill No. 8044 of a legal ground for medium-term budget planning.

voted For it 238 People's Deputies.

Transition to three years' planning - the major budgetary reform on which the Ministry of Finance works within the last three years.

"We worked three years on legislatively to fix civilized approach to budget planning in the state. It successfully worked in the pilot mode since 2017. It is the main reform in the sphere of public finances. It is necessary to protect all those reforms which we already began to realize to provide with a financial resource strategic priorities of our state and managers of budgets, that is people in power, became really responsible and accountable to citizens for that, how effectively they are spent means of taxpayers of taxes", - the Minister of Finance Oksana Markarova commented on the decision of parliament. Her comment is published on the website of the ministry.

Reform provides introduction of the three-year Budgetary declaration instead of the one-year Main directions of the budgetary policy. This new document of strategic planning will define the budgetary policy for the medium-term period. At the local level will make three-year local financial plans.

the Ministry of Finance will develop the Budgetary declaration taking into account provisions of documents of the state strategic planning for five and more years, in particular, of the branch strategy and strategic plans of activity of the main managers of budgetary funds. In turn, strategic plans of managers will be specified on the basis of the Budgetary declaration.

will be stated In the Budgetary declaration not only volumes of the state and guaranteed debt and the main objectives of tax policy, but also a ceiling of expenses and granting the credits. the Government will be obliged to submit to

the Budgetary declaration and the macroeconomic forecast not later than June 1. The parliament will have to accept it till July 15.

Medium-term budget planning - one of priorities of work of the government and the Ministry of Finance which was provided by the coalition agreement, the medium-term action plan of the government till 2020, the memorandum with the IMF and the strategy of reforming of a control system of public finances for 2017-2020.

the Law also enacts new budgetary rules. In particular, the public debt and the debt guaranteed by the state cannot exceed 60% of GDP, and deficit of the state budget - 3% of GDP. The state guarantees will not exceed 3% of income of the general fund of the state budget. The extreme volume of deficit of the state budget in the law on the state budget cannot be more than the volume of deficiency in the budgetary declaration.

Connected bill No. 8043 деп



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