The draft of the Budget Code and the draft law on bringing it into force were adopted by the Cabinet in the third reading.
Information on bills was presented by the Deputy Chairman of the Committee on Budget and Finance Ulan Primov. The proposed draft laws are aimed at improving the budget legislation and building an effective transparent budgetary system. The draft Budget Code also sets out the basic principles of the budget, clear procedures for budget preparation and execution, as well as the role and responsibility of state authorities and local self-government in the formation, approval and execution of the budget. In addition, the Budget Code is aimed at streamlining and creation of a unified system of legal rules, regulating the budget process.