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Automatically translated version. May contain inaccuracies compared to the original.
The Minister of Finance, in response to a question about whether salaries for military personnel would be increased, said that they have “allocated sufficient resources to ensure fair payments to servicemen taking into account the decisions that were made this year.”
A budget bill for the next year was presented in the Verkhovna Rada. The presentation was conducted by Finance Minister Serhiy Marchenko, it became known from the stream of the meeting.
The budget is designed to continue the war effort for the next year. It accounts for risks of the heating season and a shortage of air defense.
Marchenko outlined the current main challenges. There is already a decrease in budget revenues due to business losses. By the end of the year, a shortfall in Tax Service plans of 70 billion hryvnias is expected. A liquidity crisis could potentially occur.
“For next year we have an uncovered financial need – $32,6 billion. This is the stated figure; this is what we are working on,” he said.
To cover the deficit, they are working with foreign partners. The most promising source is work with frozen Russian assets. They are also working on structuring ERA Loan – a G7 initiative. They are intensifying work of the group on the shadow economy and implementing EU directives on taxation.
The need for external financing is stable and practically not decreasing. For next year, it was estimated at 52,6 billion dollars — the largest figure since the start of full-scale war. In 2022 year the need was 31,1 billion dollars, in 2023 — $42,5 billion, in 2024 — $41, 7 billion, last year — 52,4 billion, and this year — 50, 8 billion US dollars.
Ukraine’s need for external financing
“20 billion US dollars — we already have an understanding of the sources to cover this need,” the minister said.
GDP growth is forecast at 1,3%, inflation at 8, average annual hryvnia exchange rate at 47,1 hryvnias per US dollar. Budget revenues are expected to be at 5 trillion 648 billion hryvnias. The increase relative to this year is 450 billion hryvnias. Funds from taxation of digital platforms and parcels with goods purchased on foreign marketplaces have already been included.
Expenditures are 7 trillion 272 billion hryvnias. Of these, more than 4 trillion is for the security and defense sector.
Roksolana Podlasa, the head of the tax committee, noted that the draft complies with the budget code. Expenditures along with the provision of credits from the budget and debt servicing exceed 8 trillion hryvnias.
“This is four times more than before the full-scale invasion,” she said.
One day of war costs Ukraine $190 million per day, said the deputy.
Own resources in the next year’s budget will amount to about 3 trillion hryvnias, another 4,3 trillion will have to be covered by international aid.
According to the regulations, the Cabinet must submit the project by 15 September, no less than four days before the presentation. So the current submission was made with a violation, emphasized deputy Artur Gerasimov (European Solidarity). He asked to put the budget project to a vote for rejection, but the necessary number of votes did not materialize. In the hall, a few dozen deputies remained by the end of the presentation.
By 1 October, deputies will submit amendments.
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