Prime Minister Vladimir Groisman and members of the Cabinet on the meeting of Parliament. Archival photo.

The Verkhovna Rada of Ukraine approved amendments to the Budget code in the part of introducing medium-term budget planning. For a decision voted 260 deputies.

We are talking about the bill 6161, submitted to the Parliament by the Cabinet.

According to the draft law, the Ministry of Finance together with other Central Executive bodies develops and by June 1, 2017 submits to the Cabinet of Ministers of Ukraine revised the forecast of the State budget of Ukraine for 2018 and 2019 and the draft Main directions of budgetary policy for 2018-2020, which are reviewed and approved by the Cabinet of Ministers within two weeks from the day of their presentation; the Cabinet of Ministers shall, not later than June 15, 2017 the draft Main directions of budget policy for 2018-2020 in the Verkhovna Rada of Ukraine.

The explanatory Memorandum States that these changes should ensure a strategic approach to identifying priority activities and the corresponding allocation of scarce resources; strengthen fiscal discipline by identifying and reflection effects of current policies over the next years and to ensure compliance with the ceilings of expenditure.

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