Draft National Budget 2020 submitted to Parliament: Key figures

Ukraine's Cabinet of Ministers has introduced the draft law on the State Budget of Ukraine for 2020 to the Verkhovna Rada, Ukraine's parliament.

The country's main financial document was registered under No. 2000 on September 15. However, the text of the draft law and supporting documents are yet to be published, according to information published on the parliament's website.

According to Finance Minister Oksana Markarova, the draft budget for 2020 is based on the current macroeconomic forecast with an exchange rate set at UAH 28.2 per dollar, providing for revenues at UAH 1.170 trillion (US$43.7 billion) and expenses – at UAH 1.170 trillion ($47.3 billion).

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The document is based on the current macroeconomic forecasts with a deficit set at UAH 90.5 billion or $3.7 million, which is 2.09% of GDP.

The draft national budget for 2020 provides for an increase in the minimum wage by UAH 550 ($22.25) to UAH 4,723 ($191). The government also envisaged UAH 245.8 billion ($9.9 billion) for security and defense, as well as UAH 47.6 billion ($1.9 billion) for subsidies to Ukrainian households.

The government plans to raise about UAH 380 billion, or $15.4 billion, in borrowings in 2020. A total of UAH 438.1 billion ($17.7 billion) is expected to be allocated for the repayment and servicing of the public debt.

Ukraine's Finance Ministry expects that the national budget will receive UAH 5 billion ($202.3 million) in revenue from the sale of state-owned property in 2020.

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The Cabinet of Ministers also forecast growth in the Road Fund in 2020 to over UAH 70 billion ($2.8 billion).

Following the updates of macro forecasts in October 2019, the Cabinet will submit to the Rada a revised draft.

Ukrainian Prime Minister Oleksiy Honcharuk says the annual budget planning takes place in Ukraine in 2019 for the last time.