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English_for_Finance_and_Banking

¨  READ AND DISCUSS

 

1.      a) Supply the prepositions where necessary.

b) Write down six questions about the text.

 

Budgetary policy

 

The transformation of the economic and political systems in Ukraine has been accompanied ... substantial reforms in the budget process, including budget preparation and classification, a new treasury system for budget execution and expenditure control, considerable autonomy of local governments in the formulation of their budgets.

On the whole, the budgetary policy in Ukraine is aimed at ... attaining the efficient allocation of national resources, the desirable redistribution of income ... the poorer groups in society, and the maintenance of a macroeconomic environment with stable prices, full employment and equilibrium in the balance of payments.

Accurate budget evaluation is more necessary now than ever before. The economic transition has led ... drastic retrenching in public resources so there is a need to increase the efficiency with which public resources are used. Proper budget evaluation will provide critical information and feedback to policy makers ... how well budget objectives are being attained ... the implementation of the budget.

The transition ... the market economy has significantly increased the complexity of interactions of the government with the private sector thus increasing the opportunities ... misuses of funds and ... corruption. For these reasons it is important that an effective and independent ex-post audit be carried ... by the Accounts Chamber at all levels of government.

 

 

Words  you may need:

accompany – супроводжувати

treasury system – система казначейства

formulation of the budget – підготовка бюджету

attain – домагатися, добиватися

equilibrium – рівновага

retrench – скорочувати, зменшувати (витрати)

feedback – зворотній зв’язок

objective – мета

misuses of funds – порушення у використанні коштів

ex-post audit – аудит (ревізія) використання коштів

 

2. Read the text and name the facts from the text which are new to you:

 

Treasury

 

Despite the many changes and reforms in Russia over the past few years, budget execution still presents significant problems. There is a lack of efficient control of expenditure, of information on extrabudgetary funds, of a well-defined procedure for the allocation of funds between different levels of government. In addition, there are problems with the budget classification, the obsolete system of public accounts, weak debt and cash management practices.

In 1993, Russia began its work on setting up me Federal Treasury. It consists of the Main Department of the Federal Treasury of the Ministry of Finance of the Russian Federation and its territorial bodies in republics, areas, and regions. The tasks of the Treasury are the following: to organize and exercise control over the execution of the federal budget; to regulate relations, between the federal budget and federal off-budget funds; to exercise control over the receipt and use of the funds; to regulate relations between the federal budget and budgets of subjects of the Federation; to make, short-term projections of financial resources and to manage them; to collect and compile information about the position of federal finances, to manage and service the state internal and external debt jointly with the Central Bank.

The new Treasury is expected to require that all spending units should report their operations at the commitment, verification and payment stages. The plan is that after verification of budget allocation and compliance with existing authorization the Treasury will issue the actual payment orders against a unified Treasury account with the Central Bank. This will imply a far-reaching change of budgeting practices in Russia. The new mechanism will allow the government to exercise effective spending controls in order to have updated information on government expenditure and for debt and cash management purposes. The new Treasury is also expected to help remedy other deficiencies in the process of budget execution. Effective implementation of the new Treasury system will lead to changes outside the budget execution, such as budget classification and accounting standards.

 

Words you may need:

despite – не дивлячись на

lack – недолік

obsolete – застарілий

public account рахунок державного закладу

debt and cash management – управління боргом та наявними коштами

to exercise control – здійснювати контроль

receipt – отримання,  надходження

internal and external debt – внутрішній та зовнішній борг

jointly (with) – сумісно (з)

spending unit – бюджетна одиниця 

commitment – доручення

verification – перевірка, контроль

authorization – дозвіл

to issue payment orders – видавати платіжні доручення

updated – оновлений, скорегований

to remedy deficiencies – виправляти недоліки

accounting standards – стандарти бухгалтерського обліку

 

 

3.Read the text and say what you know about the budget process in Ukraine:

In market economies the budget is the proposed and later the authorized statement of revenues and expenditures for a period, normally a fiscal year. The government budget may show the planned or authorized expenditure of central government alone, or may incorporate also expenditures and revenues of regional and local governments.

The budget is the key instrument for expression and execution of the government's economic policy.

Government budgets have a wide implication for the national economy. There are various practical approaches to budgeting, including the administrative budget, which emphasizes the expenditures of ongoing government operations; the capital budget, which gives separate treatment to public works projects and their special financing requirements; the cash budget, which simplifies budgetary procedures, etc.

In the United States the federal budget deals mainly with expenditure programmes, and revenues are covered only briefly. The size of the budget deficit or surplus is regarded as very important. An important aspect of the budgetary process is a great influence of the Congress. The US budget is submitted in January for the fiscal year coming in July. It is then considered by several sub-committees of the House of Representatives and the Senate.

In Great Britain the preparation of the budget is the function of the Treasury, which is headed by the Chancellor of the Exchequer.

The emphasis of the British Budget is on taxation and the state of the economy.

The Budget is the Government's main economic statement of the year. It is announced by the Chancellor of the Exchequer who reviews the nation's economic performance and describes the Government's economic objectives and the policies it intends to follow in order to achieve them.

 

Words уоu may need:

authorized – дозволений, офіційно прийнятий

incorporate – включати

implication – значення

budgeting – складання бюджету

administrative budget адміністративний фінансовий кошторис

capital budget – бюджет капіталовкладень

Cash budget – бюджет наявних коштів

Chancellor of the Exchequer (англ.) – Міністр фінансів

 

 

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