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Ukraine's major creditor, the International Monetary Fund (IMF), will verify the national budget for 2016 adopted by the Verkhovna Rada, along with amendments made to the tax legislation and over 600 proposals regarding the main financial document of the country, Finance Minister Natalie Jaresko wrote on Facebook.
"The Verkhovna Rada of Ukraine passed a bill on the national budget for 2016! It was a difficult and long process with a lot of amendments and changes from MPs. They have submitted more than 600 proposals affecting the budget resource base," Jaresko wrote, adding that for her, as finance minister, the fact that the document has been adopted, as well as its quality and essence, were important.
The ministry's calculations are based on the systemic reforms that will ensure stability, Jaresko noted.
According to the minister, one of the key elements of this stability is the IMF support.
Read alsoRada Speaker: Adopted budget helps avoid destabilizationWithout such support, the maintaining of economic stability and even more so the economic growth are hardly possible, the minister noted.
The disbursement of the next IMF tranche and other related financial support depends on whether the amended budget will still conform to the principles and objectives of the IMF program, that is whether it remains balanced, the minister noted. The IMF experts will specifically analyze the compliance of the adopted laws with the principles and objectives of the IMF Extended Fund Facility program, according to the report.
As UNIAN reported earlier, the Verkhovna Rada passed a bill on the national budget for 2016 as a basis and as a whole document with a deficit set at 3.7% of GDP and revenue planned at UAH 595 billion. The document has been redrafted several times to take into consideration the adopted changes to the tax legislation.