Ukraine’s budget deficit rose to $3.8 billion in May

2 June, 02:00 PM
In January and February, the budget recorded a surplus (Photo:НБУ/Flickr)

In January and February, the budget recorded a surplus (Photo:НБУ/Flickr)

According to Ukraine’s Finance Ministry, the country’s budget deficit in May rose to UAH 113.4 billion ($3.8 billion), Ukrainian news agency Interfax-Ukraine reported on June 1.

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Meanwhile, the deficit in April was at UAH 89.7 billion ($3 billion), in March – UAH 80.6 billion ($2.7 billion).

The first five months of 2022 have run up the deficit to UAH 263.2 billion ($8.9 billion), against the projected level of UAH 526 billion ($17.7 billion).

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On May 31, the Ukrainian parliament voted to increase government spending by UAH 525 billion ($18 billion), of which UAH 247.8 billion ($8.4 billion) was designated for defense.

Additionally, MPs approved financing the state budget through up to UAH 2 trillion ($70 billion) in foreign bonds.

The annual budgets of Ukraine’s defense and interior ministries have been increased by UAH 102.5 billion ($3.5 billion) and UAH 76 billion ($2.6 billion), respectively.

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