The Council of Ministers approved the draft revised state budget-2021

In the revised state budget draft for 2021, revenue is provided in the amount of UAH 1 trillion 92 billion. Expenses – in the amount of UAH 1 trillion 328 billion.

The Cabinet of Ministers in an extraordinary meeting on Thursday, November 26 at night, adopted the revised draft of the State Budget-2021. This was announced by Prime Minister Denis Shmygal.

He pointed out that the adoption of the document was preceded by consultations with the people’s deputies, during which most of the proposals presented were taken into account.

“We consider most of the proposals, based on the priority of expenditures, the resources available from the resource part of the budget and the state of the national economy,” Shmygal said.

According to him, the key aspect is that the budget remains balanced and realistic for its implementation.

“Next year, we expect economic growth, which will allow us to continue increasing spending on medicine, education, and defense,” stressed the head of the Cabinet of Ministers.

He said that in the revised draft of the State Budget-2021, revenue is provided in the amount of 1 trillion 92 billion UAH. Expenses – in the amount of UAH 1 trillion 328 billion.

“We also found an opportunity to reduce the deficit relative to GDP from 6% to 5.5%. In the 2020 budget, the deficit was 7.5%. That is, for 2021 we offer a balanced budget, which does not foresees tax increases for companies and at the same time, improves the financing of the social sphere and medicine, and the provision of support to entrepreneurs affected by the pandemic, ”said Shmyshal.

According to him, this budget continues to be the development opportunity budget for both industry and small and medium-sized enterprises.

Earlier, the Finance Ministry announced the completion of budget negotiations with the IMF. The main focus of the negotiations was the formation of a common vision of the main budget indicators with the IMF: the income, expenditure and deficit framework, the ministry said without specifying details.

Let us remember that the Cabinet of Ministers could not approve the draft budget for the second reading in an extraordinary meeting on November 20. The Rada will not have time to approve the state budget on time, until December.

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