EU4PFM hosted a seminar in collaboration with the Latvian State Treasury, focused on leveraging Latvia’s successful debt management strategies
Ukraine continues to advance its public financial management by drawing from international best practices. A recent EU4PFM seminar, hosted in collaboration with the Latvian State Treasury, focused on leveraging Latvia’s successful debt management strategies to enhance Ukraine’s approaches.
On February 21 in Kyiv EU4PFM hosted the seminar “Leveraging Latvian Expertise: Enhancing Public Debt Management Audits in Ukraine. ” The seminar brought together key stakeholders from Ukraine’s public finance sector, including representatives from the Verkhovna Rada Committee on Budget, the Ministry of Finance of Ukraine, the Accounting Chamber of Ukraine, and the State Treasury Service of Ukraine.
The event was opened by Inguna Sudraba, EU4PFM Component 5 “External audit and Parliamentary oversight” Team Leader, and Olga Pischanska, Chairwoman of the Accounting Chamber of Ukraine (ACU).
“In this seminar, we focus on practical steps Ukraine can take to improve public debt management, such as adopting the Single Treasury Account model and strengthening financial risk control mechanisms. These tools have worked effectively in Latvia, and we believe they can be tailored to meet Ukraine’s current needs—helping to optimize cash flow management and minimize borrowing costs,” emphasized Inguna Sudraba, EU4PFM Component 5 Team Lead.
Olga Pischanska, Chair of the ACU, stressed the relevance of the Latvian experience to Ukraine’s current public debt management challenges: “As we move forward with fiscal reforms, it is crucial for Ukraine to adopt the best practices and innovations from other EU countries. Latvia’s comprehensive approach to debt and cash management offers an invaluable example that we can tailor to improve our audit processes and ensure greater transparency in public finances.”
The event, led by Vineta Parfēnkova, Director of the Department of Accounting at the Latvian State Treasury, and Eugeniya Yalovecka, Director of the Department of Financial Resource Management, provided in-depth insights into Latvia’s methodologies. These include legal frameworks, risk management principles, and the application of the Single Treasury Account. The sessions also covered key topics such as Latvia’s Treasury functions, its central government debt and cash management processes, and its approach to accounting and reporting in public debt management.
The seminar highlighted key strategies such as portfolio management of public debt, borrowing processes, all aimed at ensuring that financial resources are available when needed, at minimal cost. Emphasis was placed on the use of a Digital Debt Management System to streamline operations and improve efficiency, with lessons for Ukraine’s ongoing reforms.
A lively Q&A session followed the presentations, allowing participants to discuss how the lessons from Latvia could be applied to enhance Ukraine’s audit and debt management processes.
This event marks a significant step towards improving public debt management practices in Ukraine, leveraging international expertise, and fostering greater collaboration between Ukrainian and EU stakeholders.
