The decision to allocate temporarily free funds from the general fund of the budget of the Lviv City Territorial Community through the purchase of state securities in 2023 was adopted today, January 26, at a meeting of the executive committee of the Lviv City Council.
“We are talking about the purchase of military bonds – a special type of government securities that are issued in wartime and are intended to support the Armed Forces of Ukraine and the state budget during wartime. We are guided by the Budget Code, as well as the procedure of the Cabinet of Ministers for the placement of temporarily free funds of the local budget, through the purchase of state securities.
The draft decision proposes to allocate 680 million hryvnias, which are currently in the city budget due to the fact that the state did not withdraw the reverse subsidy from us last year. It is proposed to invest these funds for a period of 6 months. After making this decision, we will hold a competition for the selection of a dealer – a financial institution from among the list of banks approved by the Ministry of Finance. They will participate in the auction for the purchase of such securities on our behalf,” Viktoria Dovzhik, director of the financial policy department of the LMR, reported during the meeting.