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Tuesday, October 17, 2017

Ukraine developing systems for managing public finances

Public finances are of strategic importance for the economy, regional development and business, and are the basis for the economic and social development of Ukraine, the Ministry of Finance of Ukraine said on Friday.

The ministry said that reform of the public financial management system is one of the government's key policy priorities.

The development of public finances is also important within the framework of bilateral relations between Ukraine and the European Union and a prerequisite for this month's signing of the Association Agreement between Ukraine and the EU.

Bilateral cooperation on public finances led to the development of a public financial management system that was approved by order No. 633-p of the Cabinet of Ministers of Ukraine, dated Sept 3, 2012.

The aim was to identify areas of the system that could be improved, including the legal regulation of its complex components and enhanced coordination among public authorities carrying out state policy.

The next step was the drafting of a strategy for the development of the public financial management system in accordance with the provisions of Action's Priority Plan for Ukraine's integration into the EU in 2013.

The strategy was approved by order No. 774-p of the Cabinet of Ministers of Ukraine dated, August 1.