The Cabinet of Ministers of Ukraine approved the draft Budget Resolution up to 2020 which encapsulates a new process of planning public finances for the medium term and forecasts: an economic growth of Ukraine by 4% till 2020, elimination of inflation in the range of 5% up to 2020 and reduction of the deficit to 2% as well as of part of the debt to 55% of GDP.
The document was prepared by the Ministry of Finance of Ukraine and was approved unanimously. The resolution is expected to be finalized within three days, thereafter to be submitted to the Parliament.
While presenting the main provisions of the said document, the Head of Government stressed that for the first time Government establishes a blueprint of the planning process for 3 years.
“We took a decision to change the approach, thereby transfer to medium-term planning not for one year, but for three. We single out which economic indicators will be forecasted for 3 years as well as which priorities will be determined”, noted Volodymyr Groysman.
Apart from that, he highlighted that economic indicators can be exceeded in case of adoption of efficient decisions and of achievement of core objectives. The essential tasks set forth by the Government are to continue decentralization reform and to strengthen capabilities of local budgets, to raise social standards as well as to boost industry development and job creation.
"We are opening a horizon for three years, we see stability, currency stability, the development
of the national economy, creation of jobs, and as a result, increase of the
minimum and average wage. This is another systematic step that we do today as
the Government. The new budget process is being
kicked off now and in September the Cabinet of Ministers is committed to present
a new draft state budget for 2018 in accordance with the Budget Resolution
", emphasized the Prime Minister.
« I would like to express gratitude to the Ministry of Finance of Ukraine for a tremendous amount of work. It is our experience», underscored the Prime Minister.