State budget deficit exceeds $22 billion, but less than forecast

The New Voice of Ukraine
·3 min read
While the deficit is much smaller than the schedule for the corresponding period
While the deficit is much smaller than the schedule for the corresponding period

According to the results of November, the deficit of the general fund of the state budget increased by UAH 163.3 billion ($4,5 billion) and exceeded UAH 807.5 billion ($22 billion) for the period from January to November.

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So far, the deficit is much smaller than forecast for the corresponding period, the ministry noted.

Over the first 11 months of the year, the deficit was almost UAH 500 billion ($13 billion) less than the UAH 1.3 trillion ($35.5 billion) foreseen for the general fund for this period in the amount of.

In November, the general fund of the state budget received UAH 94.4 billion ($2.6 billion).

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The budget received the most from the payment of import VAT (UAH 26.8 billion – $735,000) and corporate income tax (UAH 23.6 billion – $646,000). Ukrainians also paid UAH 12 billion ($329,000) of VAT on goods produced in Ukraine.

UAH 5.8 billion ($137 million) was paid in rent ror the use of subsoil resources, UAH 5.5 billion ($150 million) was paid in excise tax, and import and export duties totaled UAH 2.7 billion ($74 million).

The Social Security Administration’s income to the Pension Fund and social insurance funds amounted to UAH 39 billion ($1 billion) in November.

Meanwhile, budget expenditures in November amounted to UAH 312.7 billion ($8.5 billion), in particular, with expenses of the general fund totaling UAH 260.5 billion ($7 billion).

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In total, for the January-November period, budget expenditures amounted to UAH 2.3 trillion ($69 billion), including UAH 2.1 trillion ($57.5 billion) for the general fund, or 86.8% of that scheduled for the reporting period.

State borrowing for the general fund of the budget for 11 months amounted to UAH 1.1 trillion ($30 billion) or 77% of that planned for this period.

Ukraine was able to attract UAH 593.5 billion ($16 billion) from the placement of bonds, including UAH 65.2 billion ($1,5 billion) in foreign currency ($1.6 billion and EUR 926.4 million).

UAH 541 billion ($15 billion) was raised due to the issue of military government bonds, of which UAH 370 billion ($10 billion). The NBU issued hryvnias backed by the bonds.

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Another UAH 504.1 billion ($14 billion) was raised from external sources, in particular — UAH 237.3 billion (EUR 6.7 billion and $11 billion) in EU loans as part of a new package of emergency macro-financial assistance, UAH 88.2 billion ($2.5 billion, or 2 billion in SDRs) from the IMF, and other loans.

Payments for repayment of the state debt for January-November 2022 amounted to UAH 397.4 billion ($11 billion) (96.6% of the plan), and loan servicing payments were UAH 149.6 billion ($4 billion) (89.9% of the plan).

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