The main reason was a significant change in macroeconomic indicators compared with the government forecast.
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Revenues of the state budget’s general fund in January amounted to UAH 42.6 billion, which is UAH 13.8, or 25%, short of the target for the said period, according to the Ministry of Finance of Ukraine.
The report says the main reason for this was a significant change in macroeconomic indicators compared with the government forecast approved in October 2019. In particular, the higher hryvnia exchange rate is UAH 24.1 / USD against UAH 27 / USD, while import volume is 2.5% lower than planned, and gas prices are also lower that forecasted.
According to the Ministry of Finance, the total borrowings to the general fund of the state budget in January amounted to UAH 50.8 billion, of which UAH 16.9 billion was received on the domestic market.
At the same time, UAH 31.6 billion in hryvnia equivalent was allocated to repay the state debt in January. It is noted that the state budget expenditures in January were financed in accordance with the schedule on the basis of open appropriations.
It is also reported that the Ministry of Finance, based on current data for January, will take appropriate measures to respond to objective factors affecting budget revenues and expenses in order to level their negative impact throughout the year.
As UNIAN reported earlier, the state budget of Ukraine for January-December 2019 was implemented with a deficit of UAH 78.050 billion, which is 32% higher than the deficit for the previous year.
The state budget for 2020 provides for revenues of UAH 1.096 trillion, expenses at UAH 1.182 trillion, marginal deficit of UAH 94.3 billion, and public debt ceiling of UAH 2.333 trillion.