On May 31, the Cabinet of Ministers of Ukraine approved the Budget Declaration for 2022-2024 for the first time, and on June 2, the document together with the financial and economic justification was submitted to the Verkhovna Rada for consideration.

The process of consideration of the Budget Declaration in the Verkhovna Rada is held taking into account the annual report submitted by the Government on the implementation of the Law on the State Budget for the previous budget period.

The lawmakers should submit their proposals before the consideration, which should take place no later than July 15 of this year, After that, the line Verkhovna Rada’s committee prepares and submits to the Parliament the relevant draft resolution on the Budget Declaration.

The Budget Declaration for 2022-2024 is the Government's vision of the budget policy for the medium term. The document defines the main budget indicators, the goals of the state policy in the relevant area with the performing indicators of their achievement. It is the basis for the draft State Budget for 2022.

The Budgetary Declaration provides fiscal space, which will be allocated within the state budget to priority areas.

Among the fiscal policy priorities identified in the Budget Declaration are:

• Strengthening the defense and security of the state;
• Development of the agro-industrial complex;
• Formation of a clean and safe environment;
• Development of administrative services and their digitalization;
• Strengthening of energy independence;
• Creation of an effective and perfect system of social support and pension provision of the population;
• Provision of quality, modern, accessible and inclusive education;
• Ensuring the quality level of medicine;
• Increasing the level of transparency in public finance management.

The approved Budget Declaration contains proposals on amendments to the Tax Code of Ukraine, which will be a resource base for increasing state budget revenues in the medium term.