- The President abolished the institution of State Secretaries, restoring the positions of Deputy Minister.
- By the end May more than 40% of the total planned privatisation receipts for the year was transferred to the state coffers.
- Exports and imports of goods grew by almost 28% yoy with imports leading slightly.
- Parliament adopted a law on a flat personal income tax rate at the level of 13% starting 2004.
- The Verkhovna Rada passed amendments to Budget 2003 providing for sources to finance wage increases.
- Corporate bonds were accepted as a collateral for NBU refinancing loans for the first time.