Ukraine makes progress on the IMF beacons: the law restricting revisions to the state budget has been signed.

President Volodymyr Zelenskyy has signed a law with amendments to the Budget Code to ensure predictability for budget policy and to strengthen debt sustainability. The law’s passage represents the implementation of the tenth of the IMF’s structural beacons, as well as the launch of the implementation of beacon #12 – the review of the Medium-term Debt Management Strategy with a deadline for publication by the end of September this year.

The law mandates that an expert opinion from the Ministry of Finance is submitted with each draft law on changes to the state budget and that such draft laws be considered in the Ukrainian Parliament if there are conclusions from the Ministry of Finance regarding their support. In addition, it restores the stricter conditions for amendments to the law on the state budget, defined by the article of the Budget Code, leaving an exception in martial law conditions for reviewing expenditures by the security and defense sector.