Financial sector news

Deputy Minister of Economy, Environment, and Agriculture of Ukraine Denys Bashlyk held a meeting with representatives of the World Bank. The parties discussed technical, financial, and organizational aspects of developing the institutional infrastructure of the agricultural sector, in particular the issue of establishing a Paying Agency.

According to Denys Bashlyk, the adopted Law of Ukraine “On State Support for Agriculture” provides for the formation of institutions based on the principles of the EU's Common Agricultural Policy. One of the key institutions will be the Paying Agency.

“The Paying Agency is an institution responsible for administering financial support in agriculture in accordance with EU standards. It will ensure the timely and accurate payment of state support to Ukrainian agricultural producers,” he stressed.

In particular, the Paying Agency will ensure:

• transparency in the use of budgetary and international resources;
  
• effective financial control, including verification of the legitimacy of expenditures and compliance of procedures with the requirements of EU and Ukrainian legislation.

During the meeting, they also talked about continuing to work with the World Bank on programs to support and rebuild Ukrainian agriculture, as well as further developing the State Agricultural Register.