State budget sees deficit of almost UAH 24 bln

Revenues of the general fund of the state budget of Ukraine in April 2020 stood at 84.3% of the target and at 86.1% for January-April 2020, the press service of the Ministry of Finance reported.

It is reported that in April 2020, the budget's general fund received UAH 90.9 billion ($3.37 billion), of which almost UAH 43 billion ($1.59 billion) came from the National Bank, which annually transfers part of its profit to the state budget once its annual financial statement has been confirmed by an external audit and approved by the NBU Council.

"Considering the timing of taxes and fees, main taxes that filled the general fund of the state budget in the reporting period were: personal income tax and military duty (UAH 8.5 billion, or $315 million); value added tax (UAH 7.7 billion, or $285.5 million, balance), as well as excise tax on goods produced in Ukraine (UAH 5.9 billion, or $218.8 million)," the statement said.

Also, UAH 19.6 billion ($726.8 million) came from customs payments, while VAT refunds amounted to UAH 12 billion ($445 million).

In January-April of this year, the state budget was implemented with a deficit of UAH 23.5 billion ($871 million), including the general fund – with a deficit of UAH 33 billion ($1.22 billion).

It is also reported that for January-April 2020, social expenses, defense spending, debt servicing, and subsidies to local budgets are fully funded according to the list based on payment orders.

According to the operational data of the State Treasury Service, expenses for the general fund of the state budget for four months of 2020 amounted to UAH 308.9 billion ($11.42 billion), or 87.5% of the target for the reporting period.

"Actual state borrowings to the general fund of the state budget for January-April 2020 amounted to UAH 108 billion ($4 billion), or 84.1% of the target for this period," the report reads.

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The Ministry of Finance says a total of UAH 73.8 billion was attracted to the state budget from the placement of government bonds (97% of plan), including UAH 41.3 billion ($1.2 billion) from the issue of government bonds in foreign currency and 0.30 billion in euros). UAH 34.2 billion was raised from external sources (66% of the plan), including UAH33.9 billion through the placement of 10-year eurobonds in the amount of EUR 1.25 billion at 4.375%.

Payments on public debt in January-April 2020 amounted to about UAH 71.3 billion (or $2.64 billion, 81.8% of plan) and servicing payments stood at UAH 41.1 billion ($1.52 billion, 94.2% of plan).

As UNIAN reported earlier, on April 13, the Verkhovna Rada adopted amendments to the state budget of Ukraine for 2020 amid anti-coronavirus measures put in place. They provide for a three-fold increase in the budget deficit to UAH 298 billion. State budget revenues will amount to UAH 975.8 billion, expenses – to UAH 1.266 trillion, and public debt – to UAH 2.387 trillion.