Changes to the State Budget for 2020 may be considered in the near future. The Minister of Finance of Ukraine Serhii Marchenko told at a briefing following the Government’s meeting.
The official noted that the Verkhovna Rada Budget Committee is currently working on amendments to the country's main financial document for 2020. Serhii Marchenko stressed that the updated draft budget provides for the financing of measures to combat COVID-19, in particular, the establishment of Coronavirus Response Fund in the amount of UAH 66.3 billion. There will also be envisaged funding for retirement benefits, salary increases for medical employees.
“The key budget indicators have not changed. The deficit remained UAH 298 billion, or 7.5% of GDP. The revenues part was neither changed. The main changes have been made in terms of expenditures,” Serhii Marchenko emphasized, adding that first of all expenses for organizing festivals, forums, cultural events, some sports events, and statistical observations were reduced. There have been partially cut public sector wages and non-priority capital expenditures.
The Minister informed that the Government continues active cooperation with international partners such as the World Bank and the International Monetary Fund. The amendments to the State Budget have been discussed with the IMF as well.
"We hope that within the next few days the budget changes will be submitted by the Committee for Parliament's consideration, and we will have a chance to fulfill one of the IMF requirements to unlock the financing," the official said.
The Minister is convinced that cooperation between Ukraine and the International Monetary Fund will be successful, as it is not only a resource for the budget but also a positive message for other lenders and our international partners.