What did the Cabinet of Ministers prepare for us in the 2020 Budget?


On September 16, the Verkhovna Rada published information with the text of the Law on the State Budget of Ukraine for 2020. Oleksiy Honcharuk, the Prime Minister of Ukraine, is the initiator of the bill and the Cabinet is the subject of the legislative initiative.

What did the Cabinet of Ministers prepare for us in the 2020 Budget? 

“The trend of the last three years towards shifting growth factors in favor of the investment component will continue in 2020 (the proportion of GNPs in the GDP structure will continue to grow). Against this background, there will be a further transition to Ukraine's export of goods with higher added value. Growth in household consumption will be driven by wage increases (including through higher social standards of the Government). As a result, it is consumer and investment demand that will be the main drivers of economic growth, ”- stated in the explanatory note.

Thus, the amount of state budget revenues for 2020 is 1 079 487 458.3 thousand UAH, including the amount of general fund revenues - 962 747 125.5 thousand UAH and the amount of special fund revenues - 116 740 332,8 thousand UAH.

At the same time, the amount of expenditures of the state budget for the next year amounts to UAH 1 170 002 547.9 thousand, including expenditures of the General Fund - UAH 1 044 356 065.1 thousand and expenditures of the Special Fund - UAH 125 646 482.8 thousand.

What did the Cabinet of Ministers prepare for us in the 2020 Budget? 

The amount of the maximum amount of the state budget deficit is 95 130 530 thousand UAH, taking into account the marginal volume of the general fund deficit, which is 73 236 120,7 thousand UAH and the limit amount of the special fund deficit amounting to 21 894 409,3 thousand UAH.

The State Budget 2020 estimates:
1) National security and defense - 245 791 800 000 UAH, or 5,4% of GDP,

2) For the State Criminal Enforcement Service - 7 581 300 000 UAH,

3) For state support of the coal industry - UAH 2 947 500 000,

4) For the state support of the energy sector - 868 600 000 UAH.

5) To ensure the implementation of measures aimed at forming the infrastructure of the united territorial communities, budget allocations of 2.1 billion hryvnias.

6) For the purpose of reconstruction and development of highways and improvement of the level of road safety - UAH 69.6 billion,

7) For scientific and scientific and technical activities - 10.1 billion UAH, of which the general fund - 7.3 billion UAH.

8) For the implementation of environmental measures - funds of the general fund in the amount of UAH 0.2 billion and the special fund - UAH 16.5 million.

9) Expenditure of UAH 72.1 billion is spent on the implementation of the program of medical guarantees

10) For the financing of culture and the information sphere the general fund expenditures amount to UAH 8.6 billion. 11) Education - UAH 136.4 billion.

Thus, the draft State Budget 2020 was formed based on the forecast rate of 28.2 UAH / USD. Also, the Prime Minister stated that the state budget for 2021 will provide planning for 3 years - medium-term budget planning.

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