Photo from UNIAN
Ukraine's Finance Ministry is ready to reduce government spending to compensate for the decrease in budget revenue next year, and expects relevant proposals from Ukrainian ministries, Minister of Finance of Ukraine Natalie Jaresko told reporters today.
"We need to reduce spending by [UAH] 60 billion as required by law, not to undermine the economic stability," the Finance Minister stated, adding that the issue of what spending exactly should be reduced requires serious public discussion.
According to Jaresko, taking this decision falls within the competence of relevant ministries together with the Finance Ministry, the public and the Parliament.
At this, Jaresko stressed that the decrease of budget revenue without similar reduction in spending poses a threat to the financial stability the country has managed to achieve, given the fact that budget revenues next year are projected to shrink by UAH 60 billion, due to, inter alia, the profit decline of the National Bank of Ukraine and the abolition of special import duty.
The minister assured that the government would continue work to improve tax administration, and concrete practical steps should be soon undertaken. She also noted that the Finance Ministry is ready to cooperate with experts and the public on the issue of reducing the tax burden, but it cannot jeopardize the macroeconomic stability achieved in the country.
"The matter is how to maintain financial stability in the country and enhance the investment attractiveness," Jaresko noted.