10:01 16.09.2019

Draft national budget 2020 submitted to Ukraine's Rada

2 min read
Draft national budget 2020 submitted to Ukraine's Rada

A bill on the national budget of Ukraine for 2020 has been submitted to the Verkhovna Rada.

According to a posting on the official website of the Rada, bill No. 2000 was registered on September 15. The initiator of the bill is MP from the Servant of the People parliamentary faction, Head of the parliamentary committee for budget issues Yuriy Aristov, and subject of the legislative initiative is the Cabinet of Ministers.

On Sunday, Ukrainian Prime Minister Oleksiy Honcharuk announced the submission of the draft national budget for 2010, adding that September 15 is the deadline for the government to submit the document to parliament.

At the same time, he said that before November 2, the Cabinet of Ministers expects to make amendments to the draft budget according to the updated forecast of the Ministry of Economic Development, Trade and Agriculture.

National security spending increased by UAH 33.8 billion and will amount to UAH 245.8 billion. Pension Fund's financing totals UAH 172.6 billion. For the development of road infrastructure, UAH 74.4 billion is provided, of which UAH 69.7 billion is announced for the Road Fund. The costs of supporting energy independence are projected at UAH 2 billion.

Honcharuk also said that the current version of the national budget annuls subsidies to agricultural enterprises in favor of supporting small farms.

Minister of Finance Oksana Markarova said that the draft national budget for 2020 provides for the receipt of UAH 380 billion from borrowing.

According to her, at the end of 2020, the public debt to GDP should be 46.7%. One of the ways to achieve this goal is to gradually reduce the budget deficit. In the 2020, public debt payments will amount to UAH 438.1 billion, of which UAH 145.2 billion to service the public debt, Markarova said.

In addition, the Ministry of Finance announced on Sunday that it had reduced the target for revenue from privatization in the national budget by projecting UAH 5 billion of revenue under this article in the draft national budget for 2020 compared with UAH 17 billion in the national budget for 2019.

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