Denys Uliutin: Together with EU4PFM, we are working on the development of modules of a new IT system for budget planning and monitoring

Together with EU4PFM, we are currently actively working on the functional requirements and development of modules of the new IT system for budget planning and monitoring. We expect to demonstrate the first results for the main administrators in a few months.

This was announced by First Deputy Minister of Finance of Ukraine Denys Uliutin during a meeting with Head of Operations Section 1 “Good Governance and Democratisation”, EU Delegation to Ukraine Xavier Camus.

In addition, within the framework of the meeting, the parties discussed the current state of European integration measures, fulfillment by the Ukrainian side of the conditions within the framework of EU Macro-Financial Assistance, as well as the priority recovery of Ukraine and its further post-war reconstruction.

“We are grateful for the support that the European Union has provided to Ukraine since the beginning of the full-scale war. In the current year, we have already received 6 billion euros as part of Macro-Financial Assistance from the EU, which is a significant contribution to the financial stability of Ukraine. The predictability and rhythm of assistance from international donors is extremely important to us, so we are already negotiating to receive it next year,” said Denys Uliutin.

“We see how the IT ecosystem of public finance management is being developed. Its main part is the new budget IT system. Also, the liquidity management module, which we independently started developing even before the war, to automate the collection of information from the main managers regarding the forecast of their expenditures and its analysis. It also includes an IT platform for the verification of state payments and an interactive portal for state internal financial control, which is also being developed with the support of EU4PFM. The system should be not only a tool for exchanging information, but also a full-fledged environment for the work of internal auditors and managers,” reported Denys Uliutin.

Also, according to him, in order for the IT ecosystem to be complete, the Ministry of Finance sees the need to create an integrated IT platform for accounting in the public sector: “As you know, the number of budget institutions and state enterprises in Ukraine is very large. The Ministry of Finance is developing uniform accounting rules, and the presence of such a platform would allow maximum unification of accounting at the level of institutions and would provide more tools for budget analysis and planning.”

The parties discussed the restoration of medium-term budget planning, in particular the introduction of amendments to the Budget Code, which is also on our agenda with the IMF. The First Deputy Minister of Finance noted: “The full restoration of medium-term budget planning will take place next year with the preparation of the Budget Declaration for 2025-2027, which will begin in February. This year, together with the draft state budget for 2024, we will also submit a forecast of the main macroeconomic and budgetary indicators for 2025-2026, including total revenues, expenditures and deficit.”

During the meeting, Ukraine's obligations under the IMF's program regarding the Bureau of Economic Security were discussed, the role of the Ministry of Finance in public investments and cooperation with the World Bank, the creation of a budget office in the Parliament, the strengthening of external audit and the role of the State Audit Service of Ukraine in the financial control system.