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Ukraine backs Budget Code changes to facilitate U.S.-Ukraine minerals agreement
On Tuesday, May 13, the Verkhovna Rada of Ukraine has backed amendments to the Budget Code in the first reading as part of implementing the minerals agreement with the U.S.
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Ukrainian MP Yaroslav Zhelezniak reported the information.
According to Zhelezniak, 286 MPs voted in favor of the Budget Code amendments in the first reading, with a shortened deadline for submitting further changes.
He explained that under the agreement with the U.S., Ukraine’s contribution will include half of the funds earned after the deal takes effect. These funds will come from rent payments for extracting minerals (like oil, gas, and gas condensate, as listed in Annex A of the Agreement), from issuing new special permits to use subsoil, and from selling the state’s share of products under new production-sharing agreements.
“This money will be credited to a special fund of the state budget and, by the decision of the main administrator (presumably the Ministry of Economy), will be transferred to the Reconstruction Investment Fund,” the statement said.
The MP added that the second reading is scheduled for early June.
- On May 2, Ukraine's Cabinet of Ministers registered in the Verkhovna Rada a draft law amending the Budget Code to implement the agreement with the United States to create the Reconstruction Investment Fund.
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