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State Budget 2020 Revised for the Second Reading: Revenues and Expenditures Increase, the Deficit is Under Control

On the 5th of November, the Cabinet of Ministers of Ukraine presented for voting by the Parliament of Ukraine in the second reading the revised draft State Budget of Ukraine for the year 2020.

The figures are adjusted to the basic macro forecast indicators for the year 2020 as in scenario I (Resolution of the Cabinet of Ministers of Ukraine № 883 dated 23 October 2019).

As compared to the draft budget presented for the first reading the revenues are increased by UAH 14.18 bn to UAH 1093 bn.

The expenditures are increased up to UAH 1180 bn. The budget is well balanced and deals with urgent social and economic issues as well as aims at the fulfillment of the Program of the Cabinet of Ministers of Ukraine. For instance, UAH 500 mln is allocated for the program of Youth Mobility.

The Security and Defense expenditures total 5.45% of the GDP.

At the same time, the deficit remains at the previous level and equals 2.09% of the GDP.

The state debt totals UAH 2,045 bn and equals 45.3% of the forecasted GDP. Ukraine will pay off debt at the amount of UAH 282.1 bn in 2020 according to the draft 2020 State budget.

The privatization proceeds are increased by UAH 7 bn. This will allow Ukrainian government to decrease the amount of debt issuance.