First Deputy Governor of the NBU: The IMF does not come to countries that are doing well
The tenth episode of Season II of “Budget Talks” is about the National Bank and the hryvnia during wartime. Why is the International Monetary Fund a benchmark for all international donors? What was achieved during the meetings with the IMF and the World Bank in Washington? What is the current situation with foreign exchange reserves? Are there risks of a sharp devaluation if international aid is delayed?
In the new episode of the “Budget Talks” podcast, we answer these and other pressing questions. Viktor Maziarchuk, Head of the Center for Fiscal Policy Research, and Serhii Nikolaichuk, First Deputy Governor of the National Bank of Ukraine, discuss how key monetary decisions are made and what affects the stability of the hryvnia.
Alyona Shkrum: “Right now, we are fighting for every $15 million for reconstruction”
The eighth episode of Season II of Budget Talks is dedicated to Ukraine’s recovery. On what terms does Ukraine receive reconstruction funding? Why is recovery impossible without special conditions for businesses in frontline regions? What should Ukrainians who lost their homes expect? Why is the Ukraine Recovery Conference (URC) important, and what did Ukraine manage to bring back from Rome?
In this episode, Victor Maziarchuk, Head of the Center for Fiscal Policy Research, and Alyona Shkrum, First Deputy Minister for Communities and Territories Development of Ukraine, discuss the prospects of recovery and the resources needed to make it possible.
Head of the Budget Committee of the VRU, Roksolana Pidlasa: “I don’t understand why some parliamentary factions vote out of spite”
Episode 7 of Season II of “Budget Talks” – on state finances. Do we have enough money in the state budget to cover salaries and pensions until the end of the year? Why is Kyiv losing funding? What’s happening with international financing? And why is the competition for seats in the Accounting Chamber stalled?
In this new episode of the Budget Talks podcast, we address these and other pressing questions. Victor Maziarchuk, Head of the Center for Fiscal Policy Research, and Roksolana Pidlasa, Chair of the Budget Committee of the Verkhovna Rada, discuss what financial resources Ukraine has as it enters autumn, and what to expect from the budget during wartime.
Acting Head of the State Tax Service: “A tax return reflects human lives”
The sixth episode of Season II of Budget Talks focuses on taxes and fees during wartime. Will tax rates increase? How do Russian attacks and shelling affect budget revenues? Will taxes for Ukrainians go up after joining the EU? And what does the “service-based approach” being introduced by the Tax Service actually mean?
In this new episode of Budget Talks, we address these and other pressing questions. Viktor Maziarchuk, Head of the Center for Fiscal Policy Research, speaks with Lesia Karnaukh, Acting Head of the State Tax Service of Ukraine, about new approaches and changes in the agency’s work.
Mayor of Mykolaiv: The hardest part of being a mayor is the daily battle against temptation.
Episode 5 of Season II of “Budget Talks” focuses on life in front-line Mykolaiv. What do the people of Mykolaiv hope for the most? Why can’t corruption in Ukraine be eradicated quickly? How is Denmark helping the city recover? And can Mykolaiv once again become a shipbuilding hub? In this new episode of the “Budget Talks” podcast, we explore these and other pressing questions facing the city of shipbuilders. Head of the Center for Fiscal Policy Studies, Viktor Maziarchuk, and Mayor of Mykolaiv, Oleksandr Sienkevych, discuss the city’s most urgent problems and potential solutions. Listen Budget Talks − 1.0x + 0:00 0:00 ⟲ 15 15 ⟳ VIKTORWelcome back to another episode of Budget Talks. Today, we’re speaking with Oleksandr Senkevych, the mayor of Mykolaiv — a city that’s been on the frontline since the beginning of the full-scale invasion. Mykolaiv and its residents have held strong despite daily threats, shelling, and destruction. Thank you for joining us today, Mr. Mayor. We’re glad to have you with us. OLEKSANDRThank you for the invitation. What’s happening with Mykolaiv’s budget? VIKTORLet’s start with the budget of Mykolaiv. We actually quoted you recently — you mentioned that after the military income tax was taken away from the city budget, you had to consider staff cuts and potentially defaulting on payments for basic utilities like electricity. Could you tell us where things stand now financially? And did those difficult scenarios actually come to pass? OLEKSANDRYes, they did. Honestly, things are still very tough, but we’re holding on. The clearest proof of that is the fact that last year — and again this year — Mykolaiv received direct subsidies from the state. That means the folks at the top know exactly what’s going on here — how much money we have and where we’re spending it.Another indication of how bad things are: the last time we reallocated funds and tried to find money for roads, instead of adding money, we actually had to pull 9 million hryvnias out of the road budget. VIKTORFrom the city budget? OLEKSANDRYes, from the city budget. VIKTORAnd where did that money go? OLEKSANDRTo more critical needs — rebuilding damaged buildings, fixing roofs, repairing broken pipelines, and so on. At the moment, we’re even expecting a small surplus. But we also have a few municipal programs that are currently underperforming. Our municipal utility companies are fully funded for protected budget lines — like electricity and salaries — until the end of September. After that, we’ll need to look for ways to cover the remaining essential costs. VIKTORFrom what I’ve seen, the city seems to be doing a solid job with tax revenues. I took a look at your budget and noticed that for some revenue streams — especially those tied to local taxation — you’ve even surpassed pre-war levels. OLEKSANDRThat’s right. And that’s thanks to the people of Mykolaiv. Some have come back home and restarted their businesses. Others have returned and started entirely new ventures. The city council tries to support them — but really, they’re doing it on their own, expanding different sectors and, most importantly, paying official salaries and property taxes.In 2025, we’re expecting revenue growth. In fact, from January through May 2025, revenues are already up 311 million hryvnias compared to the same period in 2024 — that’s a 20.7% increase. Income tax is up by 24%, land tax by 23%, the single tax by 8%, and the excise tax by 33%. By the way, we actually expected even higher revenue from the excise tax — but people are smoking and drinking less, which… VIKTOR…is great news — at least for the non-smokers! OLEKSANDRExactly. People are cutting back on smoking and drinking, and that’s affected tax revenues. On the one hand, it’s unfortunate because it means fewer funds for the budget. Or rather, not a shortage — but a decrease. On the other hand, it’s a good thing. People are starting to care more about their health. Maybe they just want to see life a bit more clearly. VIKTORSo if I understand correctly, your city has managed to foster a good working relationship among local authorities, the national government — particularly the tax authorities — and the residents themselves, who understand that paying taxes helps both the army and the survival of the city. OLEKSANDRThat’s exactly right. We all know the rule — what isn’t prohibited by law is allowed. And legally minimizing taxes is part of doing business. Every business owner looks for a lawful way to reduce their tax burden. “All secrets after the war”: how the city is supporting the army VIKTORSpeaking of money — who’s been hit the hardest by the loss of revenue? And I say “loss,” though to be fair, that’s not entirely accurate — because technically, these were funds the city never actually had. For years, military income tax was always remitted to the local budget. When the war broke out, you were expecting large expenditures, including support for the armed forces. Tell us: who’s been most affected? And what’s the current level of support for the military from Mykolaiv? We saw a figure showing that the city contributed 230 million hryvnias last year alone to support the army and defense units. OLEKSANDRThat’s right. It’s important to note that in 2024, we received a 630 million hryvnia subsidy from the state budget. That means we were short on funds. At the same time, we continued supporting the army. You mentioned, “That money wasn’t really yours to begin with.” But we have to remember that in Mykolaiv, military income tax accounted for 26% of all personal income tax. So they didn’t just take away the money we were given — they took what we already had. We also used to receive income tax from police salaries and similar sources — that’s gone too. And yes, while their salaries have gone up, the state subsidy was calculated based on how much we lost from that removed military income tax. Mykolaiv was one
School Meal Reform: Why upgrading school kitchens is not only – and not so much – about food
School Nutrition Reform: Why Replacing Cafeteria Equipment Is Not Just About Food The fourth episode of Season II of “Budget Talks” is dedicated to school nutrition reform. What has really changed now that old pots and Soviet-era stoves have been replaced with new ones? Why have so many stakeholders—from the Ministry of Education to the First Lady and international partners—become involved in school cafeteria renovations? How is the EU Anti-Corruption Initiative saving millions of hryvnias in public funds by reviewing local budget estimates for kitchen upgrades? In this new episode of the “Budget Talks” podcast, we address these and other pressing questions about the reform. Viktor Maziarchuk, Head of the Center for Fiscal Policy Studies, Orest Stepanyuk, Head of the School Nutrition Reform Team, and Taras Sluchyk, Project Manager at the EU Anti-Corruption Initiative, discuss the importance, urgency, and cost of transforming school cafeterias. Your browser does not support the audio element. VICTORWelcome to Budget Talks, where we discuss money that truly matters. This podcast is supported by the International Renaissance Foundation. Today we’re adding a bit of flavor to our Budget Talks, because we’ll be talking about the reform of school nutrition. Over the past two years, 2.5 billion UAH has been allocated for this reform. Why are we talking about this now? Because it’s not just about what’s on the menu or the food itself—it’s about changing an entire philosophy, ensuring transparency in procurement, and building a proper system with the help of our international partners. This reform brings together a variety of stakeholders: government bodies, the Ministry of Health, the Ministry of Education, the Cabinet of Ministers, the President’s Office, our international partners, and civil society. That’s why I’m happy to welcome our guests today: Taras Sluchyk from the EU Anti-Corruption Initiative, and Orest Stepanyak, who leads the team behind the school nutrition reform in Ukraine. Welcome, colleagues. Let’s start with this question: why do we even need to reform school nutrition? What triggered these fundamental changes? How a Personal Story Sparked Systemic Change ORESTThat’s a simple yet very deep question. The short answer is: to support children, to support Ukrainian families, and most importantly, to raise a healthy generation. I won’t go into clichés—I’ll just share my personal story. Until I turned 30 (I’m almost 40 now), I weighed about 100 kilograms. I had been overweight since childhood. I kept asking myself, why? Why did this happen? Well, the answer goes back to how I was raised. My wonderful grandmother, who’s now 94, always made sure I was well-fed. That made sense for her generation—they lived through terrible times, through war, famine, and servitude. They knew what it meant to go hungry, so for them, having sacks of potatoes and sugar in storage meant safety. For her, making sure a child was always full was just common sense. But all those calories took their toll. I was always overweight. Getting myself down to 70 kg took years of effort. And I don’t want today’s children to have to go through what I did—learning about high blood pressure and cholesterol at 30, and suddenly being forced to change your entire lifestyle. The goal of this reform is to build a healthy nation through healthy eating and a proper food culture. And eating habits are formed in childhood, at school. That’s why school nutrition reform is so important. VICTORWhat inspired you to take this on? There must have been some trigger that got you researching, reaching out to the Anti-Corruption Initiative, and kicking off this whole process. I’ve worked on monitoring public projects for years, and in my opinion, this one stands out as the best in terms of how it’s structured. It’s built around a clear philosophy—three key components. And Taras, your team’s Anti-Corruption Initiative fills the government’s gaps perfectly. So, what was your inspiration? ORESTLet me break it down clearly. For me, the initial inspiration was First Lady Olena Zelenska—she was the one who started this reform. Every major process needs a driving force, someone to initiate it. I joined the team after the train had already left the station, so to speak. Why did I hop on? Because I’ve spent my whole career in gastronomy and the food business. That’s where my expertise lies. So when I saw the chance to get involved, I thought—why not? What is school nutrition reform, really? At its core, it’s about the kids. But the ones implementing it are the communities. There’s the First Lady as the initiator. There’s our reform team of 10 people supporting the rollout. There are numerous international partners. The government develops the regulations, sets the framework, and helps finance it.But the execution lies with local communities because schools in Ukraine are communal institutions. We have over 1,000 communities and almost 10,000 schools working in in-person or hybrid formats. These communities are the school founders. So, the reform has a clear structure and implementation mechanism. We’ve got a National Strategy for School Nutrition Reform—a major document. Then there’s an operational government plan, with clearly assigned responsibilities for each objective and ministry. And there are four main strategic goals: Community Capacity – helping communities have both the funds and the know-how to implement the reform. This includes institutional capacity—knowing how to do it—not just money. Our international partners, especially the Anti-Corruption Initiative, are crucial here. Infrastructure – even if we have food and money for it, we need proper kitchens and canteens. That means dining areas, furniture, serving lines, and up-to-date kitchen equipment that meets health standards. Personnel Capacity – even with food and kitchens, if there are no cooks, we’re stuck. Most school cooks are working from 5 a.m. to late evening, often without any additional training. Technologies and approaches evolve, so we had to support them. Promotion of Healthy Eating – the goal is for Ukrainians to consciously choose healthy food. That means reaching families through their kids and through schools. So, these are the four strategic goals we and the government are
Serhii Sukhomlyn: “We Need to Build Proper Homes to Bring People Back from Europe”
Episode 3 of Season II of Budget Talks takes a closer look at the realities of reconstruction in the fourth year of full-scale war.
How did European countries manage to house millions of Ukrainians displaced by the war? How does rebuilding affect the return of Ukrainian citizens from abroad? Why does every city need a housing bank? And how did replacing pipes save the Mykolaiv water system over ₴300 million? These and other questions are explored in the latest episode of Budget Talks.
How does Ukraine’s State Audit Service operate during wartime?
In this episode of Budget Talks, Victor Maziarchuk speaks with Dmytro Shevchuk, Deputy Head of the State Audit Service, about how auditors uncover fraud, monitor recovery projects, and ensure EU funding isn’t misused.
They discuss high-profile cases in Kyiv and Zaporizhzhia, the challenges of blocked inspections, and how Ukraine can build a transparent system of public finance.
A revealing conversation about accountability, reconstruction, and why audits are not about punishment — but prevention.
Hetmantsev: We have demolished most of the “schemes” that cost the budget billions
The first episode of Season II is about taxes and the financial situation in Ukraine in general. What was the main threat to our economy in the first weeks of the war? Why is the shadow tobacco market much more complicated than the vodka market? Whose salaries do MPs envy? How did big business lobby for its interests through amendments to the Tax Code?
In the new episode of the podcast “Budget Talks” you will find answers to these and other topical questions. Victor Maziarchuk, Head of the Center for Fiscal Policy Research, and Danylo Hetmantsev, MP, Head of the Committee on Finance, Taxation and Customs Policy, discuss changes in the tax legislation and their consequences for the budget and for business.