On 13 May, the Cabinet of Ministers of Ukraine adopted a resolution “On Extending the Implementation Period of the Strategy for Digital Development, Digital Transformation, and Digitisation of the Public Finance Management System until 2025 and the Action Plan for Its Implementation”.

The Digital Development Strategy for the Public Finance Management System (PFMS) until 2030 continues to advance the Ministry of Finance’s priority areas in digital transformation.

Between 2022 and 2024, the Ministry of Finance enhanced several existing public web portals and developed new automated systems.

Notably, to promote investment in domestic government war bonds (OVDPs), a web portal was launched in 2022, providing essential information on the list of primary dealer banks and licensed brokers for war bonds.

In 2024, the Ministry of Finance also facilitated the creation of the Reform Matrix, a module within the system for monitoring Ukraine’s obligations to the EU, foreign states, and international organisations.

The PFMS Digital Development Strategy until 2030 outlines steps to implement modern information technologies to enhance the efficiency, transparency, and integration of the state’s financial system. These steps will:

• Optimise data exchange between public financial institutions;
• Reduce operational costs and improve the efficiency of budget resource administration;
• Increase transparency of public finances and public and international partners’ trust in the system;
• Introduce innovative digital solutions for budget process analytics and forecasting;
• Eliminate human influence on automated information processing;
• Enhance information security within the public finance management system.

The implementation of the updated Strategy will result in IT consolidation of the information resources of PFMS entities (Ministry of Finance, State Tax Service, State Customs Service, State Treasury Service, State Audit Service) at the level of the Ministry of Finance. These resources will be managed by an independent administrator using cloud technologies. This will enable a gradual transition to a new level of service-oriented systems by ensuring the availability of public services online.

The IT consolidation approach is based on an analysis of similar approaches and practices applied in Poland, Austria, Denmark, and other EU countries.

Source: https://www.kmu.gov.ua