bank.gov.ua
Sufficient expenditures are set to ensure proper defense capabilities.
The bill on the state budget of Ukraine for 2021 lays down a record-high defense budget at 5.93% of gross domestic product, Finance Minister Serhiy Marchenko told lawmakers ahead of what has turned out to be a successful vote in the Verkhovna Rada on December 15
"The state's security and defense sector has set record figures: 5.93% of the gross domestic product. Distribution [of budget funds] shall be carried out by the National Security and Defense Council, while defense expenditures are sufficient to ensure defense capability of our country. There is no reason to believe that the defense and security sector is underfunded or not funded," Marchenko said, according to an UNIAN correspondent.
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At a meeting on November 26, the Cabinet of Ministers approved the draft national budget for 2021. The document provides for revenue at UAH 1.092 trillion (US$39.3 billion), while spending is set at UAH 1.328 trillion (US$47.8 billion). The deficit is expected to be 5.5% of GDP next year.
At the same time, the Finance Ministry announced it had successfully finalized discussions with the International Monetary Fund (IMF) on benchmarks of the national budget draft for 2021, which was one of major prerequisites for starting the first review of the IMF Stand-by Arrangement for Ukraine.
On December 15, 2020, the Verkhovna Rada, Ukraine's parliament, passed a draft law on the 2021 national budget.
On the same day, the parliament backed the resolution on the Verkhovna Rada's estimate for 2021.
Ukrainian Finance Minister Serhiy Marchenko says the 2021 national budget provides for 26% and 30% increases in salaries of educators and healthcare workers, respectively.