Ukraine: Technical Assistance Report-Strengthening Budget Formulation and Fiscal Risk Management

December 6, 2019

Preview Citation

Format: Chicago

Ukraine: Technical Assistance Report-Strengthening Budget Formulation and Fiscal Risk Management, (USA: International Monetary Fund, 2019) accessed November 21, 2024

Summary

This Technical Assistance Paper on Ukraine discusses that implementing strategic planning and a medium-term budget framework (MTBF) is a core component of Ukraine’s Public Financial Management (PFM) reform strategy. A pilot MTBF conducted in 2017 formed the basis for amendments to the Budget Code in December 2018, which firmly establish a MTBF as the basis for budget preparation. The amendments also establish a legal basis for related reforms, including regular spending reviews and monitoring and managing risks to public finances. The report also highlights that a central margin should also be established to accommodate budget volatility and meet the costs of genuinely urgent, unavoidable and unforeseeable expenditure pressures that may arise. In order to reinforce spending discipline, the margin should be tightly controlled, centrally managed and transparently reported. Strategic planning should also be improved to provide a stronger basis for integrated policymaking, strategizing, planning and budgeting. Creating a robust strategic planning system would assist in this regard.

Subject: Budget planning and preparation, Expenditure, Fiscal risks, Medium-term budget frameworks, Public expenditure review, Public financial management (PFM)

Keywords: Aggregate expenditure envelope, Budget planning and preparation, Budget volatility, CR, Expenditure ceiling, Expenditure limit, Fiscal risks, Global, ISCR, KSU baseline, KSU budget submission, KSU capability, KSU ceiling, Medium-term budget frameworks, Public expenditure review, State budget

Publication Details

Pages:

47
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/360
Stock No:

1UKREA2019010
ISBN:

9781513521695
ISSN:

1934-7685

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