Ukraine's 2016 budget was based on a deficit set at 3.7% of GDP with 2% GDP growth amid 12% inflation / Photo from UNIAN
The Ukrainian Finance Ministry announces that the average forex rate in 2016 will be set at UAH 24.1 per U.S. dollar as a macroeconomic indicator, according to Ukrainian Finance Minister Natalie Jaresko.
"We'll proceed from UAH 24.1 on the average," she told reporters.
In her words, the ministry plans to introduce a draft national budget for 2016 in several weeks, as the budget process is directly connected with the adoption of amendments to the Tax Code.
"We're trying to synchronize that budget with tax reform. I hope we'll be able to submit it in a few weeks," she said.
As UNIAN reported earlier, the Cabinet on September 14 passed a draft bill on Ukraine's national budget for 2016 and tabled it in parliament for consideration. Later, the document was withdrawn for finalization.
The Finance Ministry reported that the 2016 budget was based on a deficit set at 3.7% of GDP with 2% GDP growth amid 12% inflation and the forex rate fixed at UAH 24.1 per U.S. dollar.
Consultations are under way regarding the base for the formation of budget revenues and outlays with new tax norms and rules, which are to be adopted by the end of the year.
Ukrainian Prime Minister Arseniy Yatsenyuk claims that the draft budget for 2016 and tax reform should be coordinated with the country's key donor, the International Monetary Fund, and meet the principles and goals of the Ukrainian government's program of reform.