This is a law on amendments to the Budget Code of Ukraine.
1. Essence of the Law:
The law significantly updates the public investment management system in Ukraine. New terminology and procedures for planning, preparation, and implementation of public investment projects at the state and local levels are introduced. Medium-term public investment planning and creation of a unified project portfolio are established.
2. Structure and Key Changes:
– New terms are introduced: “public investments”, “public investment project”, “public investment program”, “unified public investment project portfolio”
– A new public investment management system is created through the Strategic Investment Council and Interagency Commission
– Medium-term public investment planning for 3 years is implemented
– The procedure for providing subventions for investment project implementation is changed
– Modifications are made regarding income distribution between budgets of different levels
3. Key Provisions for Use:
– Public investments can only be made for projects included in the unified project portfolio
– At least 70% of funds must be directed to completing already started projects
– Mandatory co-financing from local budgets (3-5%) is introduced
– A Unified Information System for Managing Public Investment Projects is created
– A gender-oriented approach is introduced when planning budget programs
The law significantly changes the state investment management system, making it more structured and transparent.
