12:57 15.07.2021

Rada approves Budget Declaration for 2022-2024

2 min read
Rada approves Budget Declaration for 2022-2024

The Verkhovna Rada of Ukraine approved the Budget Declaration of Ukraine for 2022-2024.

The three-year budget declaration was supported by 269 MPs with the required 226 votes.

The Budget Declaration provides for a gradual reduction of the national budget deficit from 5.5% in 2021 to 3.5% and 3% in the next two years, respectively, and to 2.7% in 2024.

"It is proposed to finance the national budget deficit mainly by attracting domestic financial resources," Finance Minister Serhiy Marchenko said, presenting the document in parliament.

According to the document, in 2021 the national budget deficit is expected to reach UAH 246.6 billion, while UAH 188 billion in 2022, some UAH 179.8 billion in 2023 and UAH 179.59 billion in 2024.

At the same time, the Budget Declaration provides for the introduction of tax changes, which are proposed by the so-called "government resource bill" No. 5600, from 2022, due to which the national budget is expected to receive an additional UAH 34.1 billion annually.

According to the declaration, the size of the minimum wage in the next three years will increase from UAH 6,500 at the beginning of 2022 to UAH 7,665 at the beginning of 2024. At the same time, the declaration provides for an increase in the minimum wage in October 2022 to UAH 6,700, and from 2023 to UAH 7,176.

The Budget Declaration also contains an assessment of fiscal risks, including the further spread of COVID-19, a significant decrease in gas transit from Russia, an increase in hybrid threats from Russia, an increase in unemployment, a low grain harvest, a high share of public debt spending in 2022-2024, and others.

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