Fitch: Ukraine subnationals gain strength

Fitch Ratings said in a special report that the robust institutional frameworks of Ukrainian subnationals are underpinned by a local self-governance system, clear assignment of revenue allocation and expenditure responsibilities among tiers of government and stable budgetary framework.

Over the long-term, greater institutional framework stability will improve budget performance and increase the creditworthiness of Ukrainian local and regional governments, Fitch said.

However, recent political uncertainty at the national level has negatively affected the budgetary process of subnational governments, the agency added.

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