The state budget deficit of Ukraine, after growing in December 2023 to a record UAH 285 billion compared to UAH 145.1 billion in November, fell to UAH 14.9 billion in January of this year, such recent data from the State Treasury were reported by the Ministry of Finance on Monday.

It clarified that the general fund deficit decreased from UAH 274.4 billion in December and UAH 162.5 billion in November to UAH 33.3 billion.

The Ministry of Finance indicated that cash expenditures of the state budget in January fell to UAH 169.3 billion after a December record of UAH 548.2 billion and UAH 337.9 billion in November.

For the general fund, expenses decreased to UAH 149.5 billion from UAH 397.7 billion in December and UAH 286.3 billion in November.

As the Ministry of Finance noted, in January 2024, revenues to the general fund of the state budget decreased to UAH 116 billion from UAH 127.1 billion in December and UAH 121.7 billion in November, while international grant assistance decreased to UAH 3.4 billion from UAH 20.5 billion in December, while in November it was absent.

The agency clarified that value added tax (VAT) on goods produced in Ukraine in January brought in UAH 35.1 billion compared to UAH 22.5 billion in December, while VAT refunds decreased from UAH 10.9 billion to UAH 9.8 billion.

Import VAT added another UAH 37 billion to the budget (in December - UAH 35.7 billion), corporate income tax - UAH 2 billion (versus UAH 4.1 billion in the same comparison), personal income tax and military duty - UAH 13 billion (UAH 20.9 billion), and royalty for the use of subsoil - UAH 3 billion (UAH 3.5 billion). The excise tax brought in another UAH 12.2 billion (UAH 8.3 billion), and import and export duties - UAH 4.6 billion (UAH 3.2 billion).

Single social tax revenues to the Pension Fund and social insurance funds in November 2023 decreased to UAH 34.2 billion from UAH 53.1 billion in December, the Ministry of Finance added.

It is noted that the State Tax Service exceeded its monthly revenue target by 13.8%, or UAH 7.3 billion, while the State Customs Service exceeded its monthly revenue target by 30.3%, or UAH 11 billion.

According to the ministry, actual government borrowing into the state budget general fund in January 2024 fell to UAH 43.28 billion, or 34.6% of what was planned for this period.

From the placement of government bonds in January, UAH 32.03 billion was received, of which in foreign currency - UAH 19.3 billion, or $250 million and EUR 235 million.

Payments to repay the state debt in January 2024 amounted to UAH 17.5 billion, or 94.6% of the plan, while servicing payments amounted to UAH 9.5 billion, or 90.6% of the plan.

The Ministry of Finance emphasized that the rollover on government bonds in January was complete: the funds raised through government bonds made it possible to fully cover the needs for payment on them.