• Українською
  • EU-Ukraine screening: Denys Uliutin presents results of public finance management reform to the European Commission
    Ministry of Finance of Ukraine, posted 10 October 2024 10:48

    On October 9, in Brussels, the second round of the bilateral meeting between Ukraine and the European Commission took place as part of the screening of Ukrainian legislation’s alignment with EU acquis in the area of the Public Finance Management (PFM), as part of the public administration reform process.

    The Ministry of Finance of Ukraine was represented by First Deputy Minister Denys Uliutin, as part of the government delegation.

    On October 9, the Ministry of Finance delegation, together with representatives from the Directorate-General for Neighbourhood and Enlargement Negotiations (DG Near) of the European Commission, discussed progress in the field of public finance management.

    Denys Uliutin detailed the key achievements of the Ministry of Finance in reforming the public finance management.

    “In 2001, the reform to transform budget legislation and implement the new Budget Code of Ukraine began. Since then, Ukraine has continuously improved the public finance management, aligning it with best global practices to create conditions for sustainable economic development, attract investment, and join the EU. Today, even in the context of russia’s full-scale invasion and extreme uncertainty, we are returning to best practices in budgetary processes, particularly in key areas such as medium-term budget planning and fiscal risk management at both the central and local levels. In the draft State Budget for 2025, the Ministry of Finance is introducing a new public investment management mechanism, which will help systematize all projects according to recovery and development priorities, especially crucial given extremely limited resources.”

    As part of the reforms in public finance management, Ukraine has achieved the following:

    • Resumed medium-term budget planning to ensure sustainability and predictability in fiscal policy.
    • Improved the criteria for amending the State Budget during the year and strengthened the role of the Ministry of Finance in this process.
    • Established a reliable foundation for budget execution processes: setting up a treasury system that ensures control and accountability in budget execution and an accounting system in the public sector.
    • In cooperation with IMF staff, provided a legislative framework for the implementation of a comprehensive fiscal risk management system.
    • Launched a reform of public investment management (PIM) and created the Strategic Investment Council to align strategic priorities for public investments. The Council approved a Single Project Pipeline for public investments based on the assessment of over 750 public investment project concepts.