Borrowings account for a third of the budget / Photo from UNIAN, by Volodymyr Hontar
Every seventh hryvnia of state budget revenue is spent on servicing the debt.
Every seventh hryvnia from Ukraine's national budget is spent on servicing state debts, as UAH 357.4 billion (US$12.56 billion) has been channeled into the repayment of state debts since the beginning of 2020.
This was stated by head of the Accounting Chamber Valeriy Patskan, the agency's press service said.
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"Every seventh hryvnia of state budget revenue is spent on servicing the debt. Each Ukrainian has paid UAH 3,000 (US$105.4) for servicing the state debt in 2020," Patskan said.
He clarified the numbers were as of early December, and a full analysis of the 2020 budget will be released next year, since the largest debt payments are handled in December.
"Our biggest challenge are borrowings. They account for a third of the state budget," Patskan stressed.
He also noted that the national budget for 2020 initially provided UAH 346 billion (US$12.16 billion) in state debt repayments. But in fact, as of December 1, some UAH 357.4 billion (US$12.56 billion) had already been spent, and the amount will increase by the end of the year.
"On the positive side, the total amount of budget revenue in January-November indeed increased. The plan was overfulfilled by UAH 3.3 billion (US$116 million). [There is] less optimism about spending. But I'd like to remind you that budget indicators were adjusted in April. Revenue, for example, was reduced by UAH 116 billion (US$4.08 billion)," he added.