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Ukrainian Prime Minister Volodymyr Groysman has announced benchmarks of Ukraine's national budget for 2018, forecasting 3% economic growth, according to the government press service.
"The budget is structured and is based on three-year macroeconomic forecasts. In particular, GDP growth [is expected at] 3% in 2018," he said.
Read alsoPoroshenko on future: Ukraine's economic growth to accelerate to 4%"We provide expenses on defense, road construction, decentralization, support of education in the draft budget – we are allocating UAH 1 billion for the modernization of primary schools, while about UAH 7 billion will go to the agricultural sector with UAH 1 billion to the support of farmers alone. We will also support the 'Available Medicines' program and other economic programs," he added.
He confirmed that the draft budget would be submitted to the Verkhovna Rada on September 15, the deadline stipulated in legislation.
Ukraine's Finance Ministry in July began work on the draft budget for 2018 on the basis of the medium-term budget resolution for 2018-2020. It projects economic growth at 3%, 3.6% and 4% for the respective years.
The resolution foresees a reduction in the national budget deficit from 3% to 2% of GDP by 2020, state debt is expected to shrink from 66.8% to 55% of GDP and is based on the condition that the International Monetary Fund's lending program is fully implemented.