In November 2020 the General Fund of the State Budget Received UAH 85.5 billion Overperforming by UAH 5 billion

According to preliminary data of the State Treasury Service, in November 2020, the general fund of the state budget received UAH 85.5 billion, the budget monthly plan was executed by 106.2% or + UAH 5 billion.

The revenues from payments controlled by the State Tax Service amounted to UAH 53.3 billion, the planned indicator was overperformed by 111.6%, or + UAH 5.5 billion.

The overperformance was caused by the following payments:

• VAT (+ UAH 6.3 billion), in particular by improving the system of monitoring the compliance of tax invoices with the criteria for assessing the level of risk, the elimination of VAT fraud schemes,
• fee for the use of mineral resources (+ UAH 1.4 billion),
• personal income tax and military fee (+ UAH 1.0 billion) due to the gradual recovery of economic activity and the increase in the minimum wage from September 1 to 5,000 hryvnias,
• excise tax on goods produced in Ukraine (+ UAH 0.4 billion).

The revenues of the general fund of the state budget from customs payments were UAH 29.8 billion, the budget monthly plan was performed by 100.2%.

For the first time in 2020, cumulative central fiscal revenues due to the general fund were over-executed. Thus, in January-November 2020, when the UAH 802.6 billion was planned, the budget received UAH 805.9 billion, the execution is 100.4%, or +UAH 3.3 billion.

The State Tax Service of Ukraine in January-November 2020 has already overperformed the revenue annual plan of the general fund of the state budget. With an annual budget plan of UAH 458.3 billion, as of the current date, the general fund of the state budget has already received UAH 472.8 billion of revenues from payments, controlled by the State Tax Service. The performance is 103.1%  or + UAH 14.5 billion.

According to the State Treasury data in January-November 2020, the expenditures of the general fund of the state budget amounted to UAH 940.6 billion, or 90.3% of the budget monthly plan. At the same time, social expenditures, defense expenditures, debt and transfers to local budgets are fully funded in accordance with a budget plan and payment orders.

In January-November 2020, the state budget was executed with a deficit of UAH 117.2 billion, including the deficit of the general fund of UAH 130.7 billion, while the general fund's planned figure for the reporting period was UAH 236.9 billion.

Actual borrowings to the general fund of the state budget in January-November amounted to UAH 455.5 billion or 75.6% of the planned amount for this period.

In total, government domestic borrowings in January-November 2020 amounted to UAH 275.6 billion (78.3% of the plan), including:

• domestic government bond placements for the state budget financing amounted to UAH 268.7 billion, including UAH 102.7 billion from government bonds in foreign currency (USD 2.9 billion and EUR 0.8 billion);
• domestic bonds in the amount of UAH 6.8 billion were issued for the subsequent acquisition of shares of the state-owned JSC "Ukreximbank" in exchange for such bonds.

The borrowings' amount for this period from external sources was UAH 179.9 billion (71.8% of the plan), including:

• UAH 33.9 billion (EUR 1.25 billion) by placing 10-year Eurobonds at 4.375%;
• UAH 2.7 billion (USD 96.0 million) - disbursements of IBRD loans within the “Social Safety Nets Modernization Project”;
• UAH 55.2 billion (SDR 1.5 billion) of receiving the tranche of the IMF loan within the Stand-by 2020 Program;
• UAH 15.0 billion (EUR 500 million) - EU macro-financial assistance;
• UAH 55.4 billion (USD 2.0 billion) by placing the 12-year Eurobonds at 7.253%, including UAH 24.1 billion (USD 0.9 billion) for the early buy-back of 2015 external government bonds;
• UAH 9.0 billion (USD 328.8 million)- private placement of the 2015 second series external government bonds additional issue for the purpose of a transaction with the state derivatives;
• UAH 8.3 billion (EUR 250.0 million) - loans from Cargill Financial Services International, Inc.

The principal repayment of public debt in January-November amounted to UAH 357.4 billion (98.1% of the plan), interest debt-service payments were UAH 117.3 billion (94.6% of the plan).