President Volodymyr Zelensky has signed a bill designed to ensure the predictability of budget policy and to strengthen debt sustainability, lawmaker Yaroslav Zhelezniak announced on Aug. 18.
This step means the implementation of the International Monetary Fund's (IMF) 10th "structural beacon", and serves as the basis for the implementation of the 12th "beacon" on better budget predictability, better debt management, and the risk management of state guarantees, Zhelezniak wrote on his Telegram channel.
The law restores stipulates that, to be considered by the parliament, budget amendments must be approved by the Finance Ministry.
The legislation also sets limits on state guarantees and resumes the development of the State Debt Management Strategy for 2024-2026, which the Finance Ministry must submit by Oct. 25, 2023.
The law was backed by the parliament on July 27 as part of the efforts to complete benchmarks set by the IMF's program for Ukraine.
In March, the IMF approved an agreement with Ukraine under the Extended Fund Facility (EFF) for four-year financing aid worth about $15.6 billion, part of an overall $115 billion package.
In a first review of the program in June, the IMF said that Ukraine had made strong progress towards its commitments despite Russian aggression.
According to the organization's statement, the country had met all quantitative performance criteria through end-April and structural benchmarks through end-June.
Under the program, Ukraine has already received around $3.6 billion disbursed by the IMF.
Anna Myroniuk
