Budget resolution for 2018-2020: expectations and disappointments
The draft “Main directions of the budget policy for 2018–2020″, which introduces the medium-term budget planning in Ukraine, is essentially an ambiguous document.
According to the experts of ISER, the very fact of submitting such a document is a highly important event and testifies to the attempt of the Ministry of Finance of Ukraine and the Government as a whole to move from a policy of responding to current events to an attempt to assess future challenges and risks and to develop financial mechanisms for their prevention and elimination. At the same time, the practical implementation of this attempt shows that the system of public finances is not yet quite ready for such steps. Since even the annual planning contains numerous shortcomings, starting with the timing and procedure for adopting budget documents, completing with reporting and evaluating the effectiveness of fiscal programs. On the basis of the analysis, five achievements and five shortcomings of the draft “Main Directions of the Budget Policy for 2018-2020” have been identified.