The Foundation for Support of Reforms in Ukraine has played an important role in modernising the public finance management system. Our activities are aimed at increasing transparency, efficiency and digitalisation of processes covering stateasset management, tax and customs policy, and financial market development.
ProZorro.Sales: transparent auctions and state asset management
Launched in 2017 with the support of the Foundation, the reform of state sales (Prozzoro.Sales) has become an example of effective digital transformation in asset management.
In 2018, the state-owned enterprise Prozorro.Sales was established. More than 37 local authorities have joined the system. Over 10 regulatory acts were developed to regulate state sales.
Key results:
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Over 150,000 auctions announced;
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Total asset sales in 2017 amounted to UAH 4.5 billion;
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The record auction price increase was UAH 91 million;
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Record successful sales per day reached UAH 300 million;
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Total sales amounted to UAH 6.5 billion.
Reform of the State Fiscal Service
In 2017-2018, the Foundation participated in the implementation of the reform of the State Fiscal Service, which covered both tax and customs areas. Efforts were focused on strengthening institutional capacity, developing action plans for tax and customs reforms, and creating modern services, including a ‘single window’ at customs offices, a single account for customs payments, and an online register for automatic VAT refunds.
Financial sector development in 2019
In 2019, the Foundation supported the activities of project management offices for financial sector reform at the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission (NSSMC). These offices coordinated the implementation of the Comprehensive Financial Sector Development Programme of Ukraine, covering the following areas:
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Development of cashless payments, financial market infrastructure and implementation of international standards ISO 20022;
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Improving corporate governance in the financial sector — preparing a National Corporate Governance Code and a Corporate Governance Standard for professional market participants;
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Developing a cumulative pension system;
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Developing the financial sector infrastructure — establishing a link between Clearstream and the NBU;
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Development of the financial technology market;
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Modernisation, consolidation and development of the exchange, settlement and clearing infrastructure of the capital market;
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Improving the efficiency of the banking system;
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Promoting the use of advanced IT technologies by financial sector participants (cybersecurity);
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Improving financial literacy;
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Ensuring the institutional and financial independence of regulatory bodies.
Thus, the Foundation for Support of Reforms made a significant contribution to the modernisation of Ukraine's public finance system — from the launch of transparent state auctions to reforms in the tax, customs and financial sectors. Thanks to the introduction of digital tools and new management standards, the use of public resources has become more transparent and efficient.