The bill was supported by 280 people’s deputies. It’s been for the first time in the history of an independent Ukraine that the Budget has been passed at such an early date. The previous “record” was set by the State Budget for 2019 that was passed on November 23.
In accordance with the passed Budget law, the Cabinet has offered to fix revenues at 1 093. 669 billion hryvnas and expenditures at 1 180. 099 billion hryvnas. The State Budget deficit stands at 2.09% of the GDP.
The State debt limit constitutes 45.3% of the expected GDP. The size of payments to be made to repay the State debt for the next fiscal year is forecasted at the sum of 282.1 billion hryvnas, which includes 120.3 billion hryvnas to clear off the foreign debt and 161.9 billion hryvnas to settle the domestic debt.
It is planned to pay 141.5 billion hryvnas to service the State debt for 2020.
The economic and fiscal indices of the State Budget bill have been calculated on the basis of a macroeconomic prognosis which envisages a growth in the real GDP at 3.7%, an increase in prices for consumer’s goods at 5.5%, and an average wage of 12 497 hryvnas.
At the same time, the Cabinet of Ministers has approved the average exchange rate at the level of 27 hryvnas per one dollar.
The Verkhovna Rada approved the first reading of the 2020 Budget Bill on October 18 of the current year.
And on November 5, the Cabinet submitted to Parliament the amended version of the bill.
The newspaper Holos Ukrainy
