Ukraine Fails To Meet Standard Of Fiscal Transparency, Makes Zero Progress - State Dept.

The government of Ukraine has failed again to meet any standard of fiscal transparency and made no progress whatsoever toward achieving that goal over the past year, the US Department of State said in a report on Friday

WASHINGTON (UrduPoint News / Sputnik - 16th August, 2019) The government of Ukraine has failed again to meet any standard of fiscal transparency and made no progress whatsoever toward achieving that goal over the past year, the US Department of State said in a report on Friday.

"Ukraine - No significant progress," the State Department's Fiscal Transparency Report on the financial procedures followed by governments around the world said.

The State Department listed Ukraine in a table of those governments that "were found not to meet the minimum requirements of fiscal transparency."

The State Department also said that Kiev had announced its commitment to convert to international accounting standards for the budget but said it had not completed the process.

"Ukraine maintained off-budget accounts, including three social insurance funds, which were not subject to adequate audit and oversight... Not all allocations to and earnings from state-owned enterprises... were captured in publicly available documents," the report said.

Ukraine's fiscal transparency would be improved by detailing allocations to and from state-owned enterprises in public budget documents, making all off-budget accounts subject to adequate audit and oversight and implementing internationally accepted accounting standards, the report said.