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Budget Code to enter into force since January 2017 in Kyrgyzstan

Budget Code to enter into force since January 2017 in Kyrgyzstan

President Almazbek Atambayev signed the Budget Code, which is aimed to optimize the budget process and to improve budget legislation of the country, reports the president's press service.

With adoption of the Budget Code, the budget legislation becomes one package of regulations and all existing discrepancies are being abolished.

The President signed the Budget Code in view of the agreements reached between the President's Office, Parliament, Government, Supreme Court and Judicial Council concerning incorporation of amendments in the nearest time that will specify modalities of realization of the constitutional provisions on formation of the budget of the country's court system.

The Budget Code has been prepared in a move to revise and consolidate regulations into one package and, as well as to adopt one legislative act, which will serve as the basis for the budget legislation of the country. The Budget Code will also help to optimize the budget process and to bring the country's budget regulations in line with the word standards.

The Budget Code defines principles of regulation of relations in public finance management in the process of formation, consideration, approval, revision and implementation of central and local budgets, budget investments, public and municipal debts, budgets of the Social Fund, Health Insurance Fund. The Code also defines status of budget process stakeholders and liability for violation of budget legislation.

In accordance with the Budget Code, the size of the public debt will be determined on the basis of international debt sustainability levels.

Draft laws on change of financial obligations of the state, increase of budget expenditures financed from the central budget or cut of budget resources will be adopted only with approval of the government.

The budget of the Health Insurance Fund will be autonomous and will be approved by a special law.

The Budget Code will enter into force since January 1, 2017. The Budget's provision on evaluation of effectiveness of budget programs will enter into force only from January 1, 2018.

Original url : www.akipress.com

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