Presenting the draft state budget for 2018 in the Parliament today, Minister of Finance Oleksandr Danyliuk mentioned that the Ministry of Finance had started the real implementation of mid-term budget planning for the first time in Ukraine.
According to the Minister of Finance, the draft state budget for 2018 is based on the mid-term budget resolution adopted in the summer this year.
“This year, we have made a revolutionary step towards a transparent, predictable and effective budget process: for the first time in our history, we have started the real implementation of mid-term budget planning. It means a systemic shift in the budget policy ensuring a strategic approach in setting priority measures as well as the effective distribution of funds and financial stability”, Oleksandr Danyliuk said.
Mid-term planning ensures the predictable and effective use of the budget funds aimed to increase the quality of the public services as well as to strengthen the budget discipline by setting clear rules for all participants of the budget process.
“It is important that starting from next year the mid-term budget planning will be mandatory. We are planning to amend the Budget Code soon to make the new effective mechanism for budget process management irreversible”, the Minister said.