Ukraine’s Proposed 2020 Budget = $48.2 Billion

State budget expenditures for the year 2020 will reach $48.2 billion. About $3 billion is allocated for roads and infrastructure, and almost $12 billion for healthcare. Ukraine's Prime Minister Oleksiy Honcharuk presented the draft state budget, which was prepared for its second reading in the Verkhovna Rada


According to Ukraine’s Prime Minister Oleksiy Honcharuk, the main task for Ukraine is to prevent increasing public debt.

Every third Ukrainian hryvnia now goes toward paying it down. Also, the Cabinet expects to receive budget revenues from new sources. It’s expected to get half a billion dollars from large and small privatization. The legalization of the gambling business will provide another $120 million. There is no plan to raise taxes.

“We are not looking for additional revenue through taxes, although the Verkhovna Rada can change taxes during consideration of the budget. We are looking for revenue through efficiency and the fight against corruption. We reduced costs for the government by 10 percent. We are looking for how to save money, and not shift the burden onto business,” Prime Minister of Ukraine Oleksiy Honcharuk said.

Stable economic growth and the development of human potential are the main priorities of this budget, Honcharuk stated.

The government plans to allocate $4.5 billion for medicine, which is 13 percent more than last year. The emphasis will be on emergency medicine, and the list of drugs under the Affordable Medicines program expected to become three times longer. The costs estimated for education cover increasing teachers’ salaries and the building of new schools. Roughly $10 billion, or 5,5 percent of GDP allocated for security and defense — this is a historical record for Ukraine.

“In the state budget, 3 percent of GDP, which is more than $5.5 billion is allocated for defense. The budget of the Ministry itself is $4.7 billion. By comparison, in 2019 it was $4.1 billion. State guarantees for the purchase of weapons and military equipment make up $362 million. In 2019 it was $120.8 million,” Minister of Defence of Ukraine Andriy Zahorodniuk said.

The draft budget has already been submitted to the Verkhovna Rada. MPs have to adopt it in the second reading by Dec. 1.

Source UATV
date 07.11.2019
categories Economics, News releases
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