Hot topics | Coronavirus pandemic

The Cabinet Of Ministers Of Ukraine Approved The Draft Budget For 2021, With A Deficit Of 6% Of GDP

The Cabinet Of Ministers Of Ukraine Approved The Draft Budget For 2021, With A Deficit Of 6% Of GDP

The Cabinet of Ministers of Ukraine on Monday approved the draft state budget for 2021 with a deficit of 6% of GDP, almost the same amount is laid down for defense — 5.92% of GDP, and approved the main financial document of the country based on the forecast of economic growth of 4.6% and inflation of 7.3%, Finance Minister Sergei Marchenko said.

"Today, according to the schedule of preparation of the draft budget for 2021, there was a government meeting at which the draft budget was approved and submitted to the Verkhovna Rada," Marchenko said at a briefing broadcast on the YouTube channel of the Cabinet of Ministers.

He noted that the budget deficit next year is planned to be 6% of GDP against 7.5% of GDP this year. The document provides for GDP growth at 4.6%, inflation at 7.3%, the average monthly salary of 13.6 thousand hryvnias (about 487.5 dollars).

According to the Minister, the draft budget provides for spending on defense and security in the amount of 5.92% of GDP. The figure for 2020 was 5.45% of GDP.

By law, the Cabinet of Ministers of Ukraine must submit a draft state budget for the next year to the Verkhovna Rada by September 15.

You may also like: