Ukraine may fail to adopt 2014 budget - Party of Regions

15:29, 02.12.2013 1 min read

Ukraine may not be able to adopt a national budget for 2014 before the year begins, Oleksandr Yefremov, the head of the Regions Party faction in the Ukrainian parliament, told reporters in Kyiv on Monday.

"I do not rule out the option that probably, depending on how parliament works, in January we will work on 1/12 of the current budget year," he told reporters in Kyiv on Monday, according to the results of the parliament conciliation board.

The implementation of budget expenditure and the formation of income, if the law on the national budget comes into force late, are regulated by Article 41 of the Budget Code of Ukraine. In particular, it is foreseen that the monthly budget allocations of the budget general fund cannot exceed 1/12 of the volume of budget allocations determined by the law on the national budget for the previous budget period.