The Verkhovna Rada of Ukraine adopted draft law No. 12245, which changes the system of distribution of capital expenditures and introduces a number of important innovations. Among the main changes are the centralization of project financing, the prioritization of the most important objects, and the restoration of fines for delaying the delivery of weapons to the front.
According to the chairman of the Budget Committee of the Verkhovna Rada, People's Deputy Roksolana Pidlasa, the amendments to the Budget Code were adopted on time, which is important for fulfilling the conditions of the International Monetary Fund (IMF).
The main innovations of the law:
- Centralization of funding: Now funds from the budget will be concentrated on the most important projects, which will avoid dispersal of financial resources over dozens of objects. Projects will be selected according to uniform rules and criteria, which reduces the possibility of political influence on the distribution of funds.
- A single portfolio of investments: A single portfolio of investment projects will be created, which can be offered for financing to international donors. This will contribute to attracting additional resources for the implementation of important initiatives.
- Transparency of decision-making: Decision-making on public investment projects and their results will be displayed online, which will provide greater transparency and control over the spending of budget funds.
Important amendments made to the law:
- Penalties for delaying the supply of weapons: Fines for unscrupulous suppliers for delaying the supply of weapons to the front have been restored. This should improve the efficiency of supply and maintenance of military needs.
- Expansion of the range of applicants for youth grants: Now a wider range of subjects can apply for youth grants, which will ensure greater competition and promote the development of better projects.
- Repayment of debts of local budgets: The issue of repayment of debts of local budgets to the state budget for 2008-2009, which was relevant only at the first stage of consideration, was removed.
This draft law significantly changes approaches to the management of budget funds and the implementation of important investment projects in Ukraine. Thanks to the new rules, financing will become more efficient, and the processes will be transparent and controlled.
