New edition of the Budget Code and concerns of improving budget policy

Abstract

In this paper, we were pursuing the goal to consider the main changes made to the new edition of the Budget Code, their meaning and role in public financial management. The necessity to update approaches to the formation and implementation of budget policy required the development of a new edition of the Budget Code, since reforming the budget system and improving budget policy is fundamentally based on the provisions of the Budget Code.  

In accordance with the purpose, the paper, using abstract-logical and comparative methods, examines the content of individual sections and chapters of the draft new edition of the Budget Code, which was recently reviewed at a government meeting, and the indicators of the draft republican budget for the upcoming three-year period. It was noted that the content of the draft new edition of the Budget Code is aimed, first of all, at simplifying budget processes, improving interbudgetary relations and improving the quality of public financial management

As a result of studying the concerns under consideration, it was substantiated that the content of the new edition of the Budget Code will contribute to the implementation of the new economic course outlined by the head of state in this year’s Address, improving approaches to the formation and implementation of budget policy, ensuring, first of all, the consolidation of all financial flows of the state, control strict adherence to budget rules and accountability of government bodies, including entities in the quasi-public sector of the economy.