Aligning Ukraine’s budgetary system with EU standards – key focus of EU4PFM Budget Planning Expert’s May visit to Kyiv
From 12 to 14 May, Vilius Šapoka, EU4PFM international expert on budget planning, held a series of meetings with senior officials from various departments of the Ministry of Finance of Ukraine.
In particular, the expert met with representatives of the Departments of State Budget, European and Euro-Atlantic Integration, Intergovernmental Relations Policy and Local Budgets, Debt Policy, as well as the Strategic Planning Directorate, the Public Investment Management Unit, and the Liquidity Management Department.
The central theme of the discussions was the support which is being provided by EU4PFM for the modernisation of Ukraine’s budgetary processes in the context of European integration. The parties discussed Directive 2011/85/EU on requirements for budgetary frameworks of the EU Member States and its transposition into Ukraine’s national legislation. The provisions of the Directive are to be implemented in Ukrainian law and practice as part of the country’s commitments on its path toward EU membership.
The Directive covers the application of fiscal rules, approaches to macroeconomic and budgetary forecasting, public debt and fiscal risk management, and financial planning methodologies. Vilius Šapoka presented a vision of continued support for the Ministry of Finance in the process of transposing the Directive’s provisions. Accordingly, the EU4PFM Project will continue to provide explanations of its articles and share practical experience from EU countries in implementing the Directive.
Special attention during the meetings was also devoted to the development of a new Public Finance Management Strategy, as well as Ukraine’s preparation for accessing the European Structural and Investment Funds (ESIF), participation in the EU Own Resources System, and understanding the structure of the EU Budget Division.
