Ukraine finance ministry to prepare state budget 2018 for second reading in 2 weeks

On November 14, the Verkhovna Rada, Ukraine's parliament, adopted the draft budget for 2018 in the first reading together with amendments to the budget and tax codes, which have a direct impact on the budget.

"During the parliamentary debate on the draft budget for 2018, the lawmakers made a number of proposals for discussion during its second reading. In two weeks, the Finance Ministry will prepare a draft law on the 2018 state budget for its second reading in accordance with the budgetary conclusions of the Verkhovna Rada, and submit it to the parliament," the report says.

The ministry stressed that the draft state budget for 2018 was formed on the principles of realism, balance, transparency, efficiency, and strategic importance.

Read alsoUkraine's 2018 draft budget passes first readingAs UNIAN reported earlier, the Verkhovna Rada on November 14 adopted as the basis the government-drafted budget of Ukraine for 2018 with a deficit of UAH 77.9 billion, or 2.4% of GDP, with a number of amendments, according to the conclusion of the Budget Committee.

The budget was developed based on the medium-term budget resolution for 2018-2020 with the projected economic growth at 3% in 2018 amid 11% inflation.

Read alsoUkraine National Bank sees no alternative to cooperating with IMFBased on the results of the draft law analysis, the parliament's Budget Committee suggested that spending on the number of programs be increased. It shall be compensated for with the profit, which is up UAH 1.725 billion, transferred by the National Bank and receipts for a number of taxes and fees, in particular, on individual income tax and rent for the use of subsoil for natural gas extraction.