Ukraine sees US$4 bln budget deficit in Jan-Oct, four time up y-o-y

The deficit of Ukraine's national budget in January-October 2020 was estimated at UAH 112.2 billion, or US$4 billion, against UAH 30.3 billion (US$1.07 billion) in deficit reported year-over-year (y-o-y), before the coronavirus-related crisis.

The deficit of the country's consolidated budget over the period under review was UAH 89.4 billion (US$3.2 billion) against UAH 643.1 million (US$22.7 million) in deficit y-o-y, according to Ukraine's Treasury Service.

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Background

• In April, the Verkhovna Rada, Ukraine's parliament, adopted amendments to the 2020 national budget, necessary to combat COVID-19, which suggested a threefold increase in the budget deficit, to UAH 298 billion (US$10.5 billion).
• After the amendments, budget revenue amounted to UAH 975.8 billion (US$34.4 billion), expenditures were UAH 1.266 trillion (US$44.6 billion), the deficit was capped at UAH 298.4 billion (US$10.5 billion), while public debt was estimated at UAH 2.387 trillion (US$84.1 billion).
• Some UAH 64.7 billion (US$2.3 billion) was earmarked for the Fund for Combating COVID-19.