The Cabinet of Ministers approved the relevant proposals at a meeting on July 2. In particular, the bodies of the central state administration will be obliged to submit monthly reports to the Finance Ministry, no later than the 5th of the following month, on the level of budget funds utilization, as well as the degree of implementation and efficiency of projects financed from external sources.
The proposed changes also stipulate that the bodies of the central state administration once every seven years, together with the Ministry of Finance, shall implement measures to rationalize expenditures. And the Ministry of Finance shall annually submit to the government a report on the rational allocation of budgetary funds, including proposals to improve the efficiency of expenditures, by December 31. The ministry will be obliged to publish these documents on its website. And also to include in the budget and tax policy measures to improve the efficiency of expenditures approved by the government.
The law also prescribes that draft regulations that have a financial impact on budgets will have to be submitted to the Ministry of Finance for approval in a package with a justification and a financial map included in the text. It will be filled out in accordance with the Methodology for Regulatory Impact Analysis approved by the Cabinet of Ministers. In the absence of a financial statement, the Ministry of Finance will return draft regulatory acts without approval.
