The Ukrainian Finance Ministry says it is about to finalize the draft national budget for 2017 and the document will be tabled in parliament no later than on September 15, the deadline set by the country`s Budget Code.
”Today, it is the most critical stage of the budget formation process. We`re bringing its indicators into balance, and the key task is to table the budget in parliament before September 15. We`re looking for solutions that will let us find the balance, and the budget will be submitted to parliament in keeping with the requirements of the Budget Code,” Deputy Finance Minister Serhiy Marchenko told reporters.
As UNIAN reported earlier, the Cabinet in June 2016 approved the draft budget resolution, which foresees 3-4% GDP growth in 2017 amid 8.1% inflation and 8.6% unemployment. The state debt is projected at 66.8% of GDP next year, the forex rate is expected at UAH 27.2 per U.S. dollar.
Late in August 2016, Ukrainian Prime Minister Volodymyr Groysman named the priorities for funding from the national budget. They are the defense sector and security (at least 5% of GDP) amid ongoing military aggression by Russia. Other priorities are the development of infrastructure, the launch of the Road Fund, which will include funds from international financial organizations and about UAH 14 billion from the national budget, the launch of the Energy Efficient Fund, support of small-sized farms (UAH 5.5 billion). The Ukrainian government also plans to develop trade missions abroad to promote Ukrainian exports and conduct large-scale privatization by selling stakes in more than 300 enterprises, including such giants at Turboatom and Electrotyazhmash, and the State Food and Grain Corporation.