• Українською
  • Parliament approved State budget-2018 with revenues set at UAH 1.2 trillion and 3% economic growth
    posted 07 December 2017 23:36

    The Verkhovna Rada of Ukraine endorsed the draft law "On the State Budget of Ukraine for 2018" elaborated and timely submitted by the Government, which envisages an increase to the tune of UAH 1.2 trilllion in budget revenues and the GDP growth at the level of 3%. 273 MPs gave their backing to the abovesaid decision.

    The draft law, shaped within the framework of three-year budget planning that took into account the recommendations of international financial organizations, has been considered in the second reading and incorporated the amendments and proposals of the lawmakers.

    According to the Head of Government, the budget is clearly prioritized and aimed at the developing and modernizing of the country.

    "I want to thank everyone for the proposals, remarks and final decisions adopted by the Parliament. 2018 should be the year of economic growth. We must achieve profound transformations in the state", the Prime Minister stressed.

    Prior to the voting on the budget, the Parliament approved amendments relating to the budget to the Budget and Tax Codes of Ukraine. During the discussion of the document, officials and parliamentarians agreed that this year's budget process encapsulated a concerted and constructive cooperation between the the President, the Government, the Parliament, and representatives of local government. The parties agreed that on the results of the first quarter of 2018 the possibility of further improvement of social standards will be considered.

    Background

    The draft state budget was submitted by the Cabinet of Ministers in accordance with the requirements of the Budget Code on September 15. Two months later on November 14 , the Verkhovna Rada approved the draft budget at first reading.

    The Government has proposed, as part of preparations for the second reading, to update some of the estimates, in particular with regard to financing the most burning programs for the economy, as well as to revise macroeconomic indicators, in particular inflation expectations. At the same time, the core basis of the document remained unchanged. The budget is recognized as a development one, with full regard to the goals of decentralization and the orientation of economic growth. The overriding priorities are funding for security and defense, the introduction of a number of support programs for the real sector - primarily the agrarian sector and road construction, as well as the improvement of social standards by increasing allocations for the health and education system.

     

    Key figures of the State Budget: http://www.kmu.gov.ua/control/uk/publish/article?art_id=250481382&cat_id=246711250