Ukraine may not be able to adopt a national budget for 2014 before the year begins, Oleksandr Yefremov, the head of the Regions Party faction in the Ukrainian parliament, told reporters in Kyiv on Dec. 2.
“I do not rule out the option that probably, depending on how
parliament works, in January we will work on 1/12 of the current budget
year,” he told reporters in Kyiv on Dec. 2, according to the results of
the parliament conciliation board.
The implementation of budget expenditure and the formation of income,
if the law on the national budget comes into force late, are regulated
by Article 41 of the Budget Code of Ukraine. In particular, it is
foreseen that the monthly budget allocations of the budget general fund
cannot exceed 1/12 of the volume of budget allocations determined by the
law on the national budget for the previous budget period.
