On January 16, the Verkhovna Rada of Ukraine adopted amendments to the Budget Code of Ukraine, in which they supported the position of the Association of Cities of Ukraine regarding the preservation of medium-term loan funds in the budgets of communities in the draft Law of Ukraine “On Amendments to the Budget Code of Ukraine on Updating and Improving Certain Provisions” (bill 12245).
The draft law proposes the introduction of procedures for planning, preparation and implementation of public investment projects and programs at the state, regional and local levels. It is foreseen that the preparation and implementation of such projects and programs can be financed from the state budget and/or with state support, but only for those initiatives that are included in the single project portfolio of public investments.
The formation of this portfolio takes place taking into account the decisions of the Strategic Investment Council, the provisions of which, its composition, as well as the procedure for developing and monitoring the medium-term plan of priority public investments are approved by the Cabinet of Ministers.
The unified project portfolio of public investments is created using the Unified information system for managing public investment projects. This system ensures the formation of a priority list of projects and programs based on their preparation, assessment and selection in accordance with the procedure established by the government. The Cabinet of Ministers also determines the order of operation and components of this information system.
