Ukrainian parliament adopts bill to control spending of donations consistent with IMF program

MOSCOW. April 12 (Interfax) - The Ukrainian Verkhovna Rada has endorsed a bill amending the Budget Code to use of funds from accounts in support of the country, as one of the 19 structural beacons of the IMF Extended Financing Program (EFF) for Ukraine, Ukrainian media said quoting the press service for the Ukrainian Finance Ministry.

The document provides for the distribution and spending of such funds according to clear rules within the programs of the special fund of the state budget and the introduction of monthly reporting on each of the accounts opened with the National Bank and control over their use in accordance with budget legislation. The bill also requires the publication on the official websites of the main managers of funds of the amounts of voluntary contributions received, and the list of purchased goods and services.

"This step is crucial for our international partners, which is proven by its inclusion in the new program of cooperation with the IMF," the press service quoted First Deputy Finance Minister Denis Ulyutin as saying. In his words, accountability, transparency and efficiency in the use of such funds are an important guarantee of further contributions from official donors, businesses and citizens.

As reported earlier, the IMF program compels Ukraine to amend the Budget Code and the respective regulations by the end of May for the sake of higher transparency and accountability of contributions accumulated on special accounts of the National Bank and their consolidation in the special fund of the state budget.

It was also reported that the approved IMF program envisaged the following allocations to Ukraine in 2023-2024: 2.012 billlion SDR ($2.706 billion) to be allotted immediately with the later provision of 664 million SDR ($893 million) in the middle of June and October of this year and late February of next year, followed by the allocation of 1.67 billion SDR ($2.246 billion) in mid-June of 2024 and 835 million SDR ($1.123 billion) in early September and December 2024 each.