The Parliament Approves 2020 State Budget in the First Reading

On October 18th, the Parliament of Ukraine voted for the 2020 State Budget in the first reading. 256 Members of Parliament supported the decision.

There were 2,162 proposals submitted to the 2020 draft state budget during the preparation of the document for the first reading by the MPs, parliamentary factions, groups and committees of the Parliament of Ukraine.

Speaking to the Members of Parliament, Yuriy Dzhygir, Deputy Minister of Finance, thanked for the constructive cooperation to the members of Parliament’s Budget Committee and to all parliamentarians who submitted their proposals before the first reading.

“The draft state budget for 2020 is balanced and realistic. It sets clear priorities that will improve the well-being of our citizens and ensure the development of the economy. Our main task when drafting a law is to keep the balance of its indicators and their realism. Our task now is to adopt a document in which every hryvnia of expenditures will be provided with real income so that after January 1, 2020, we can finance them in full, ”Yuriy Dzhygir said during a report in the Parliament.

The Deputy Minister also assured that he was ready to continue the productive dialogue and finalize the draft 2020 budget so that it remained realistic and balanced, as well as timely submitting it to the Parliament of Ukraine for consideration in the second reading.

In particular, the budgetary statements provide for several instructions for the government following the proposals of MPs, committees, factions during the preparation of the draft budget for 2020 for the second reading.

One such task is to increase the indicators of the revenues and expenditure parts of the draft state budget for 2020, taking into account the revised main macroeconomic forecast indicators for 2020.

At present, the Government is working on the revision of the main forecast macroeconomic indicators of Ukraine's economic and social development for 2020.

Thus, following the Government's decision to revise the 2020 macro indicators, it will be possible to update 2020 budget indicators, in particular, the revenue part.