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Ukraine's Cabinet of Ministers has endorsed an improved concept of state financial management at its meeting on February 8, introducing budget planning for the medium-term outlook, which is designed for three or more years.
The document was presented by Ukraine's Finance Minister Oleksandr Danyliuk.
He stressed that the concept is systemic and strategically important since it introduces the practice of adopting medium-term fiscal declarations and changes the policy of state debt management, reducing the debt to 60% of GDP in the medium term.
Read alsoEconomy Ministry: Economic growth 2%, industrial production 2.4% in 2016"It is important that this document becomes real. We have already prepared an action plan, which will be forwarded to all the authorities this week," said Danyliuk, adding that the Finance Ministry expects projections and targets for 2017 and the medium-term outlook from the authorities.
Commenting on the need for the adoption of the document, Prime Minister Volodymyr Groysman said: "This is an important strategy and concrete steps that will enable the efficient use of billions of the national budget."