Business news from Ukraine

PARLIAMENT SIMPLIFIES FINANCING MECHANISM OF UKRAINIAN CULTURAL FOUNDATION AND ITS EXPERTS

20 June , 2022  

The Verkhovna Rada has simplified the mechanism for financing the current activities of the Ukrainian Cultural Foundation (UKF) and its experts during martial law.
The adoption of the relevant bill No. 7417 as a basis and in general was supported by 313 people’s deputies at the plenary session on Sunday, Yaroslav Zheleznyak, a member of the Voice faction, said in his telegram channel.
According to the explanatory note, in connection with the introduction of martial law in Ukraine, the fund’s expenses in 2022 were reduced by 90%. The authors of the document note that the bill provides for the removal of the current restriction on financing the activities of the UKF in 16% of the annual income of the fund.
This will ensure the proper organization and stabilization of the activities of the UKF, will prevent the dismissal of employees and a complete halt in the activities of the fund, which plays an important role in the development of culture and creative industries in Ukraine. In particular, it is required to simplify the mechanism for financing the current activities and logistics of the UKF, the activities of its expert councils during martial law.

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