• Українською
  • Ministry of Finance: Government has provided an opportunity for village and settlement budgets to attract borrowings to accelerate socio-economic development
    Ministry of Finance of Ukraine, posted 22 March 2024 17:25

    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:

    • Expansion of the mechanisms for local borrowing and provision of local guarantees for settlement and village councils.
    • Identification of persons authorised to sign documents related to local borrowing and guarantees.
    • Creating conditions for monitoring approved decisions and reducing the number of budget reporting forms.

    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.