Ukrainian parliament takes first step towards decentralization of local budgets

14:05, 25 December 2014
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The Verkhovna Rada, Ukraine’s parliament has supported at first reading a draft law on amendments to the Budget Code of Ukraine (concerning the reform of intergovernmental relations) (No. 1557).


According to an UNIAN correspondent, 264 out of 378 deputies registered in the session hall voted for the decision.

As noted in the bill’s explanatory note, the draft law provides for the regulation of fiscal relations via the introduction of a new model of financial support for local budgets and intergovernmental budget relations, the improvement of treasury services regarding budget funds, increasing the level of responsibility of key managers of budgetary funds, and the functioning of the budgetary system of Ukraine in a special period.

The bill also envisages an increase in the budgetary and financial independence of local budgets.

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