PM Honcharuk in parliament / Photo from UNIAN
The government does not plan an increase in taxes in the framework of the draft budget for 2020.
Revenue of the finalized draft budget of Ukraine for 2020, which has been submitted to the Verkhovna Rada, Ukraine's parliament, for consideration in the second reading, is UAH 1.195 trillion, or US$48.19 billion.
"The Ukrainian budget's expenditures for 2020 amount to UAH 1.195 trillion," Ukrainian Prime Minister Oleksiy Honcharuk said on Tuesday, November 5, presenting the document.
Read alsoCabinet approves 2020 budget draft for review in second reading in parliament
In particular, UAH 294 billion (US$11.85 billion) will go for social security, UAH 245.8 billion (US$9.91 billion) for security and defense, UAH 141.5 billion (US$ 5.71 billion) for servicing the public debt, UAH 113.3 billion (US$4.57 billion) for healthcare, UAH 73.7 billion (US$2.97 billion) for road infrastructure, and UAH 145.1 billion (US$5.85 billion) for education and science.
"The main spending article that we see there is the servicing of public debt. This is UAH 141 billion (US$5.69 billion)," he said.
He emphasized that it is important not to let the country's debts grow, but to continue reducing them. "Every third hryvnia next year will be spent by us to simply pay off the debts. This is a huge burden. And in order not to pass this burden to next generations, we must handle it now. We are not building up the debts, we are repaying them," the prime minister emphasized.
Also, the draft budget provides for the allocation of UAH 173 billion (US$6.98 billion) to cover the Pension Fund's deficit. The government additionally earmarked UAH 2.2 billion (US$88.7 million) for an increase in teachers' salaries.
The Cabinet included receipts to be collected from large- and small-scale privatization in the amount of UAH 12 billion (US$483.9 million) in the budget.
According to Honcharuk, the government does not plan an increase in taxes in the framework of the draft budget for 2020.
Finance Minister Oksana Markarova in turn says that the Cabinet proposes that budget deficit in 2020 be reduced to UAH 95 billion (US$3.83 billion), which is 2% of GDP.