Finance ministry hopes switch to three-year budgeting to be approved in legislation in H1 2018

11:42, 24.01.2018 1 min read

The Finance Ministry of Ukraine expressed hope that the switch to three-year budget planning will be approved in legislation in the first half of 2018, Deputy Finance Minister Yuriy Butsa said at a meeting of the Financial Stability Council in Kyiv on January 19.

"We expect that the changes that should be done to Ukrainian legislation for the introduction of three-year budgeting on the permanent basis will be passed in H1 2018," the National Bank of Ukraine (NBU) said on its website, citing Butsa.

Deputy NBU Governor Dmytro Solohub said that the improvement of government liquidity governance helps to mitigate the impact of budget expenses on the state of the currency market.

Butsa said that large payments from the single treasury account at the end of the year is first linked to non-rhythmic spending of funds by key spending units during the year.

"The switch to three-year budget planning should contribute to the setting of this problem," he said.