Ukraine seeks to cut budget deficit to 2.5% of GDP in 2018

14:40, 21.09.2016 1 min read

Ukraine's Cabinet of Ministers seeks to continue the budget deficit cutting policy in coming years, decreasing it from 3.7% of GDP in 2016 to 3% of GDP in 2017 and 2.5% of GDP in 2018.

"These are not only our liabilities to international partners, but also it is the right pragmatic policy allowing the country to live at its own expense," Ukrainian Finance Minister Oleksandr Danyliuk said at the presentation of the draft 2017 national budget in parliament on Wednesday.

He said that in 2017 the deficit is projected at UAH 77.5 billion.

According to data presented by the finance minister, the deficit would be reduced to UAH 72 billion in 2018. It would be UAH 72 billion in 2019, but it would be 2.3% of GDP.

Danyliuk said that it is planned to achieve growth of revenue thanks to economic growth, improvement of administration and fight against infringements in the tax and customs areas, not increasing the tax pressure on business.