Ukraine's budget deficit shrinks by 44.5% in 2017

"The execution of the state budget deficit was in line with the plan stipulated by law. Thus, the budget for 2017 was executed with a deficit of UAH 42.7 billion against UAH 77.6 billion, approved by the amended law on the budget," it said.

The ministry recalled that the Verkhovna Rada, Ukraine's parliament, adopted the national budget for 2018 on December 7. Ukrainian President Petro Poroshenko signed the document on December 30.

Read alsoActual revenue of Ukraine's 2017 budget 2.7% up on target"Thanks to the timely adoption of the budget for 2018, the budget year began on schedule and in accordance with the provisions of the Budget Code. In particular, the Finance Ministry developed monthly targets of budget financing [signed by the Finance Minister on December 29, 2017] and forwarded to the State Treasury," the ministry said.

As UNIAN reported earlier, the deficit of the national budget in 2016 stood at UAH 70.130 billion ($2.5 billion), which was 1.6 times up on the deficit in 2015, which was UAH 45.167 billion ($1.6 billion).