Today, on 22 March, the Cabinet of Ministers of Ukraine adopted a resolution enabling village and settlement budgets to attract borrowings, including from Ukrainian banks and international financial organisations.
The draft law was developed to bring the regulations in line with the Budget Code of Ukraine.
Key innovations include:
These changes will help to increase transparency and accountability in local borrowing, and will help communities to adapt to economic needs with greater flexibility. This will also help to strengthen the financial stability of local budgets and will be a powerful stimulus for the socio-economic development of villages and settlements across Ukraine.