OREANDA-NEWS. December 19, 2011. The respective decision is provided by the draft Law of Ukraine "On Amendments to the Budget Code of Ukraine Concerning the Identifying of State Guarantee Areas," which was approved at a meeting of the Government on December 12.

This law was drafted by the Ministry of Finance of Ukraine in pursuance of the President of Ukraine V. Yanukovych’s commission to mandatorily stipulate in the State Budget Law of Ukraine the areas of Cabinet of Ministers provision of state guarantees to ensure the full or partial fulfillment debt obligations on debts of residents of Ukraine doing business.

It is a reminder that state guarantees are a tool of the state support for implementation of important economic development projects.

Given that the Budget Code of Ukraine provides for the limitation of state guarantees for a year and does not include areas to provide state guarantees on, it was decided to amend the legislation respectively.

Once the bill is adopted, the State Budget Law of Ukraine will set areas to annually provide state guarantees on.