The deficit of Ukraine's state budget in January-September 2012 amounted to UAH 24.1 billion, while in January-August 2012 it was UAH 16.66 billion.

"The cash expenditures of the state budget grew by 15.1% in the first three quarters of the year (to UAH 267.1 billion)... The state budget deficit in the first nine months was UAH 24.1 billion, which is almost two times less than was planned for this period," Finance Minister Yuriy Kolobov said in an interview with the Mirror Weekly Ukraine newspaper.

The minister said that the stable replenishment of the state budget helped meet in full and on time the commitments on the transfer of inter-budget payments to local budgets.

"In the first nine months of the year, local budgets received UAH 80.6 billion in payments, including UAH 38 billion in equalization payments and UAH 2.1 billion in additional subsidies. Subsidies for social protection of the public amounted to UAH 31.6 billion, and other subsidies reached UAH 8.8 billion," he said.

Kolobov also reported that the budget target foresees the largest revenue target in the fourth quarter.

"In several weeks the election campaign will finish, and the country and economy as a whole will start operating in normal mode… We don't see any special problems or a crisis of our finances," the minister said.

The minister said that the fulfillment of the budget targets by customs and tax services depends on parliament.

"If all those initiatives we planned and submitted in April are approved, the tax and customs services will be able to realize their goals without any problems. If due to populist or other reasons parliament is not able to pass them, it will become obvious that some parameters of the budget will have to be revised," Kolobov said.

Additional alternative sources to replenish the budget are privatization and agreements on shale gas, the minister said.

"Now we're preparing for the signing of Product Sharing Agreements with the companies that won tenders for the extraction of shale gas, which foresee the payment of extra bonuses and premiums," he said.

As for the GDP pace, he said that this year it would be a zero.

"Anyway, growth will be seen. However, we understand well in what kind of times we're living now. The European Union has not solved their problems in full, the United States will hold an election in November and we'll hold elections. Business activity is at a low level," Kolobov said.

The minister said that there is a certain potential in the fuel production area, where a serious fall is seen.

"I know that there are persons who want to develop the market, and there is the political will for this. I think that in the near term we'll revise import duties on fuel, which, of course, will stimulate domestic fuel production. It's is nonsense for our neighbors in Belarus to face a shortage of facilities to refine, while no refinery in Ukraine is operating," he said.

He said that the government expects that a surge in the construction sector will be seen next year.

"I think that [the banking crediting] will stir up after the election and rates will fall," the minister said.

He also noted that a development bank would be created.