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Key Results of 2022 of the Ministry of Finance

  • Despite the full-scale aggression of russia, the Ministry of Finance financed all priority expenditures timely and fully. These include pensions, social payments, salaries of healthcare workers and teachers, security and defense expenditures, healthcare, education, and others.
  • The budget for 2023 was adopted in an unprecedentedly quick manner (State Budget revenues - UAH 1,329 billion, State Budget expenditures - UAH 2,640 billion), which includes about 50% of total expenditures to the security and defense sector.
  • The stable operation of Tax and Customs authorities, and Treasury Service ensured. 
  • Conditions for business adaptation to new realities created. The average monthly revenues of value-added tax (domestic VAT) increased by 40% compared to the first months of the war. 
  • Since the beginning of the full-scale invasion of russia, the total amount of received funds from international partners amounted to USD 31.2 billion, of which 45% in the grant format.
  • On March 1, the Ministry of Finance started issuing Wartime Bonds which have already raised over UAH 200 billion to support the State Budget.
  • The Ministry of Finance successfully agreed with foreign investors about a 2-year suspension of payments on all Eurobonds issued and guaranteed by the state for the total amount of about USD 21.1 billion.
  • The Ministry of Finance signed a Memorandum of Understanding on official debt payments suspension with a Group of official creditors of Ukraine in the G7 and the Paris Club until the end of 2023 with the possibility of extending the suspension for an additional year.
  • In October 2022, the Customs Visa Waiver was launched: Ukraine joined two conventions (the Convention on a Common Transit Procedure and the Convention on the Simplification of Formalities in Trade in Goods). The international application of the NCTS was launched.
  • As a result, Ukraine became the 36th Convention country and performed 81% of European integration requirements in the customs sphere.
  • The procedures for declaring humanitarian aid were simplified, which allowed for accelerating the movement of humanitarian goods, reducing the queue at the border, and simplifying customs clearance for volunteers.
  • The conditions for obtaining loans for business under the State Program Affordable Loans 5-7-9% have beeb expanded and simplified. Since the beginning of martial law, 17,359 loan agreements have been concluded for a total amount of UAH 72.24 billion
  • The mechanism of state guarantees on a portfolio basis is actively used to support micro, small and medium-sized businesses. Since the beginning of martial law, 12,421 loan agreements have been concluded for a total amount of UAH 47.04 billion.

Key priorities for 2023

  • Keep cooperation with international partners to receive additional funds to finance the budget in 2023 in the amount of USD 38 billion, including USD 10 billion from the USA, EUR 18 billion from the EU and others.
  • It is expected to launch in the spring a full-fledged cooperation program with the IMF (Upper-Credit Tranche), which provides for the attraction of financing for budget needs.
  • Ensuring the financing of all priority expenditures timely and fully.
  • Creating conditions for the stable operation of Tax and Customs authorities, the Treasury Service.