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Government Approved the Strategy for Reforming the Public Finance Management System for 2022 - 2025

On December 29, 2021, at the meeting of the Government the resolution "On approval of the Strategy of reforming the public finance management system for 2022 - 2025" was approved. The Ministry of Finance developed the updated Strategy in cooperation with interested authorities, the expert community, and international partners.

The Strategy envisages further improvement of the public finance management system.

The tasks and activities of the Strategy are aimed at:

- Improving the functioning of the tax and customs systems;

- Improving the reliability of macroeconomic and budget forecasts;

- Early detection of fiscal risks and taking measures to avoid and/or minimize their impact on the budget;

- Ensuring debt sustainability and improving the management of public debt, publicly guaranteed debt, and local debt;

- Increasing the predictability and availability of funds for government functions;

- Ensuring predictability and balance of fiscal policy for the medium-term period and strengthening the strategic approach to budget planning;

- Improving the efficiency and effectiveness of the use of budget funds;

- Ensuring the financial solvency of territorial communities;

- Effective functioning of the public procurement system;

- Ensuring planning of public investments based on strategic and medium-term budget perspective;

- Strengthening managerial accountability at all levels of the public sector, improving the effectiveness of internal controls and audits in public bodies;

- Strengthening the role and effectiveness of external financial control by INTOSAI standards;

- Increasing the transparency and accessibility of information on the budget;

- Building a modern and efficient IT management system to support and digitally develop an efficient and transparent public finance management system;

- Strengthening of human resources capacity for effective formation and implementation of public policy in the sphere of public finance.

The implementation of the Strategy should result in a more effective system of public finance management, which together with the reformed public administration system will contribute to the sustainable socio-economic development of the state, competitiveness of the economy, and dynamic integration of Ukraine into international markets, in particular into the common market of the EU.