President signs law on restoration of medium-term planning of local budgets
Kyiv • UNN
The law is a condition for receiving funding from the World Bank.
President of Ukraine Volodymyr Zelenskyy has signed a bill to restore medium-term planning for local budgets (No. 11131), UNN reports.
What this draft law provides for:
- restore medium-term planning of local budgets (preparation of local budget forecasts for three years). The exception is the TOT or territories where active hostilities are taking place;
- expand the areas of use of local government balances, adding: repayment of accounts payable, arrangement of temporary accommodation for IDPs, co-financing from local budgets and purchase of government bonds with a maturity of more than one year;
- local councils will be able to provide financial guarantees for refinancing loans, etc.
The new law is a prerequisite for receiving funding from the World Bank.
