Rada updates 2020 national budget due to COVID-19 spread, deficit raised from 2.1% to 7.5% of GDP
The Verkhovna Rada has adopted as the basis and as a whole law No. 3279-d with amendments to the state budget for 2020, taking into account the proposals of the budget committee and technical and legal amendments, increasing the state budget deficit from 2.1% to 7.5% of GDP due to the coronavirus crisis.
Some 249 MPs supported amendments to the state budget at an extraordinary session of the parliament on April 13.
State budget revenues were reduced by UAH 119.7 billion compared to the initially approved version of the law, to UAH 975.833 billion (including in the general fund to UAH 855.4 billion). Costs increased by UAH 82.4 billion, to UAH 1.266 trillion (in the general fund to UAH 1.135 trillion).
At the same time, the ceiling of public debt has been expanded from UAH 2.045 trillion to UAH 2.386 trillion.