The Verkhovna Rada has made amendments to the Budget Code to implement the agreement with the US on the creation of the US-Ukrainian Investment Fund for Reconstruction (the agreement on minerals) regarding the allocation of Ukraine's contribution to the fund. Yaroslav Zhelezniak, a member of the Verkhovna Rada from the Holos faction, announced this on the Telegram channel, Ukrainian News Agency reports.
"The Verkhovna Rada has finally approved bill No. 13256 on amendments to the Budget Code to implement the Agreement on Minerals. In favor - 309 (votes)," he said.
According to the law, Ukraine's contribution to the Investment Fund for Reconstruction will consist of half of the funds received after the agreement enters into force from:
rents for the extraction of minerals (oil, gas, gas condensate and everything specified in the annex to the agreement) from new licenses;
issuance of new special permits for the use of subsoil;
sale of the state part of production under new production sharing agreements.
This money will be credited to a special fund of the state budget and, by decision of the main administrator (presumably the Ministry of Economy), will be transferred to the Reconstruction Fund.
As Ukrainian News Agency earlier reported, on the night of May 1 (Kyiv time), Ukraine and the United States signed an agreement on the creation of the Investment Fund for the Reconstruction of Ukraine to finance projects in the field of development and extraction of minerals, oil and gas, as well as investments in related infrastructure or processing. Ukraine will manage the fund jointly with the United States.
The fund will be replenished from the Ukrainian side at the expense of 50% of the funds from new licenses for projects in the field of critical materials and oil and gas, which will be received by the budget after the creation of the fund.
On May 8, the Verkhovna Rada ratified the agreement with the United States on minerals.
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