Finance ministry to cut Ukraine's budget deficit from 2022

Ukrainian Finance Minister Serhiy Marchenko says the ministry plans to cut the national budget deficit to 4% of the gross domestic product (GDP) in 2022 and further to 3.5% in 2023.

Read alsoWeek's balance: Cabinet submits budget draft to Rada, Zelensky promises "human" salaries and pensions, while hryvnia keeps weakeningHe said this during an interview with RFE/RL's Ukrainian bureau, commenting on the budget deficit for 2021, which is projected at UAH 270 billion (US$9.6 billion), or 6% of GDP, an UNIAN correspondent reported on September 21.

"This budget is realistic, being not 'inflated' both in terms of revenue and spending. The budget is balanced. The deficit will be 4% [of GDP] in 2022 and 3.5% in 2023," he said.

2021 national budget draft: Background

• The draft national budget for 2021, which was approved by the Cabinet of Ministers on September 14, 2020, provides for revenue at UAH 1.07 trillion (US$38 billion), while spending at UAH 1.35 trillion (US$47.9 billion). The deficit is expected to be 6% of GDP next year. The budget deficit is capped at UAH 270 billion (US$9.6 billion).
• On September 15, the document was registered in parliament and on September 18, lawmakers began finalizing it.