Ukraine’s state budget reduced to deficit of $1.9 billion in January, Finance Ministry says
State budget deficit lower than expected in January (Photo:NBU\Flickr)
Ukraine’s state budget was reduced to a deficit of UAH 72.3 billion ($1.9 billion) in January 2023, the Finance Ministry reported on Feb. 2, with reference to data from the State Treasury Service.
In January, the general fund of the state budget received UAH 104.4 billion($2.8 billion).
Among tax and customs payments, the budget received the most from the payment of import value added tax (UAH 24.4 billion ($667.2 million)), VAT on goods produced in Ukraine (UAH 11.8 billion ($322.6 million)), personal income tax and military levy (UAH 11.3 billion ($309 million)).
Also, UAH 5.6 billion ($153.1 million) was received from subsoil rent, UAH 5.3 billion ($144.9 million) from excise taxes, UAH 2 billion ($54.6 million) from import and export duties, and UAH 1.2 billion ($32.8 million) from income tax.
In January, the general fund also received UAH 36.6 billion ($1 billion) in the form of international aid (grants).
The receipts of the single social contributions to the Pension Fund and social insurance funds amounted to UAH 32.4 billion ($886 million) in January 2023. At the same time, January expenses amounted to UAH 193.7 billion ($5.2 billion), in particular, UAH 183.6 billion ($5 billion) of the general fund, or 80.6% of those planned for the reporting period.
In January 2023, the state budget was implemented with a deficit of UAH 72.3 billion ($1.9 billion), while the general fund has a deficit of UAH 78.9 billion ($2.1 billion), against a planned deficit of UAH 158.6 billion ($4.3 billion).
State borrowing for the general fund reached UAH 160.1 billion ($4.3 billion) in January, or 54.7% of the monthly plan. In particular, UAH 41.4 billion ($1.1 billion) was provided to the budget from the placement of domestic state loan bonds, while from external sources, Ukraine received UAH 118.7 billion ($3.2 billion) as macro-financial assistance from the European Union.
Payments for repayment of the state debt amounted to UAH 12.8 billion ($350 million), or 98.2% of the plan, while maintenance payments stood at UAH 0.6 billion ($16.4 million), which is 27.2% of the plan.
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