Ukrainian President Viktor Yanukovych has signed the law on amendments to the Budget Code of Ukraine, which allows increasing state debts to cover temporary cash deficits of the state budget, the President’s press service informs.

The document clarifies the formation and usage of state and local budgets, as well as coordinates the Code norms and other laws.

The amendments provide for the following:
- the sources of income generation in the state budget special purpose fund may include loans, attracted by the government from foreign governments, banks and international financial organizations for the implementation of investment projects;

- the composition of income of the state budget general purpose fund shall include fees associated with the presence of Russia's Black Sea Fleet in Ukraine;

- right of the village councils heads to act as the local financial authority, if such authority is not established by the law;

- redistribution of income of local budgets, which are not taken into account in determining the amount of intergovernmental transfers, e.g. fees for licenses, certificates and fees for state registration;

- the application of the each decade (instead of monthly) standard allocations from the state budget to local budgets for the construction, reconstruction, repair and maintenance of streets and roads of communal property in settlements;

- expansion of the authority to transfer funds between local budgets for the implementation of local budgets.

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