10:34 29.12.2016

Revenue target of 2017 budget 20.3% more than 2016 budget revenue - law

2 min read
Revenue target of 2017 budget 20.3% more than 2016 budget revenue - law

Revenue target of Ukraine's national budget in 2017 is set at UAH 731.03 billion, including UAH 673.74 billion for the general fund. This is 20.3% and 17.1% more than the revenue target for 2016.

According to the law on the national budget for 2017 posted on the Verkhovna Rada's website, the expenditure target for 2017 is set at UAH 800.03 billion, including UAH 739.71 billion for the general fund. This is 17.4% and 14.3% more than the 2016 spending target.

The upper deficit of the national budget for 2017 is reduced by 7.3% compared to the upper deficit for 2016, to UAH 77.5 billion, including by 9.5% for the general fund, to UAH 62.34 billion.

Subsistence wage will be increased from current UAH 1,544 a month to UAH 1,624 from May 1 and to UAH 1,700 from December 1. Minimum wage will be doubled from January 1 to UAH 3,200 a month and to UAH 19.34 per hour.

According to the law, the upper limit for the state debt as of late 2017 is set at UAH 1.717 trillion and the upper limit of the guaranteed debt at UAH 579.37 billion compared to UAH 1.501 trillion and UAH 44.78 billion at the end of this year in the law on the national budget for 2016.

As in the previous years, the government has the right to issue government domestic loan bonds that would exceed the amounts set to finance the deficit of the national budget, to capitalize banks and finance the Individuals Deposit Guarantee Fund. The servicing of the state debt should be increased for the nationalization of the systemic bank.

The 2017 permits the increase of government guarantees next year to UAH 31.68 billion from UAH 28.2 billion in the 2016 budget. The government-secured loans can be used to increase the country's defense (to UAH 7 billion from UAH 6 billion this year) and finance investment projects and the State Mortgage Institution.

According to the document, the government can add up to $700 million to the stabilization energy fund thanks to government guarantees, including for purchase of gas by Naftogaz Ukrainy in Europe (the same as in 2016), while the 2015 budget first permitted to create this fund with $1 billion in it.

Payments of the National Bank of Ukraine (NBU) would grow to UAH 45 billion from UAH 38 billion this year.

AD
AD
AD
AD