Ukraine: Technical Assistance Report-Strengthening Public Financial Management
IMF Staff Country Reports, December 5, 2019
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- Ukraine: Technical Assistance Report-Strengthening Public Financial Management
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Bibliographic details
- Published: December 5, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513521305.002
Executive summary and context
- Publication date: December 5, 2019
- Pages: 80
- Series: Country Report No. 2019/355
- Issue: 355
- Volume: 2019
- DOI: https://doi.org/10.5089/9781513521305.002
- Stock No: 1UKREA2019007
- ISBN: 9781513521305
- ISSN: 1934-7685
- The report examines measures to achieve a more sustainable fiscal consolidation in Ukraine.
- The Ukrainian authorities adopted a broad Public Financial Management System Reform Strategy intended to enable decisive action in:
- medium-term budgeting,
- analysis and management of fiscal risks,
- public investment management.
Key findings
- Fiscal policy has been hampered by the lack of a medium-term orientation for the State Budget.
- Medium-term macroeconomic forecasts are regularly produced, but:
- these forecasts are not well integrated with budget planning,
- budget planning remains mostly incremental and annual in scope.
- Recent reform initiatives have prioritized development of a medium-term budget framework, but additional steps are required for full implementation.
- Ukraine has undertaken a range of reforms in public investment management to address institutional weaknesses.
- The strategic planning process remains unfit for purpose and does not facilitate prioritization of capital investment projects.
Subject coverage and keywords
- Subjects: Budget planning and preparation, Expenditure, Fiscal risks, Medium-term budget frameworks, Public financial management (PFM), Public investment and public-private partnerships (PPP)
- Keywords: annual budget, assurance processes, Budget planning and preparation, CR, credit risk, Europe, fiscal policy, Fiscal risks, General government debt, Global, IMF government finance statistics, ISCR, local government, Medium-term budget frameworks, PFM strategy, Public investment and public-private partnerships (PPP), sensitivity analysis
Policy implications and recommended reform priorities (implicit in report findings)
- Establish and operationalize a medium-term budget framework to integrate medium-term macroeconomic forecasts with budget planning.
- Strengthen institutions and processes for public investment management to enable prioritization of capital projects.
- Enhance analysis and management of fiscal risks within the PFM System Reform Strategy implementation.
International Monetary Fund. Fiscal Affairs Dept. "Ukraine: Technical Assistance Report-Strengthening Public Financial Management", IMF Staff Country Reports 2019, 355 (2019).
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