Ukraine reinstates medium-term planning for local budgets

President Volodymyr Zelensky signed off the law on the restoration of medium-term planning in local budgets.

That’s according to the parliament’s press service, Ukrinform reports.

"The new law sets a mandatory condition for receiving financing from the World Bank," the memo reads.

Legislation restores medium-term planning in local budgets (drafting an outlook of local budgets for three coming years). Temporarily occupied territories and active hostility zones shall be exempted from the regulation.

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In addition, the law envisages the expansion of areas where the remaining funds of the local government can be utilized, which include repayment of payables, arrangement of accommodation for those displaced by war, co-financing from local budgets and purchase of domestic bonds for a period of more than 12 months. Local councils shall be able to provide a financial guarantee for refinancing previously taken loans, etc.

As reported earlier, on Wednesday, the Verkhovna Rada adopted draft law 11131, aimed at restoring medium-term planning in local budgets.