Ukraine's state budget deficit in December 2023 reached a record UAH 285 billion, compared to UAH 145.1 billion in November and UAH 98.4 billion in October, the Ministry of Finance gave the operational data from the State Treasury on Tuesday.

The general fund deficit jumped to UAH 274.4 billion from UAH 162.5 billion in November and UAH 87.7 billion in October.

The Ministry of Finance said that cash expenditures of the state budget in December also hit a record level and exceeded UAH 548.2 billion, compared to UAH 337.9 billion in November and UAH 292.1 billion in October.

For the general fund, expenses increased to UAH 397.7 billion from UAH 286.3 billion in November and UAH 228.1 billion in October.

As the Ministry of Finance reported, in December 2023, revenues to the general fund of the state budget increased slightly, to UAH 127.1 billion from UAH 121.7 billion in November, which is less than UAH 139.4 billion in October, while U.S. grant international assistance came to UAH 20.5 billion, whereas in November it was absent, and in October it totaled UAH 42 billion.

In general, in 2023, state budget revenues reached UAH 2.67 trillion, including UAH 1.66 trillion for the general fund, of which UAH 425.4 billion was international grant assistance (UAH 400.5 billion from the United States).

Cash expenditures of the state budget over the past year exceeded UAH 4 trillion, including UAH 3.03 trillion for the general fund, or 98% of the budget compared to 93% a month earlier.

According to the Ministry of Finance, for 2023 the state budget had a deficit of UAH 1.33 trillion, including UAH 1.36 trillion for the general fund versus the planned deficit of UAH 1.83 trillion for the general fund.

In 2022, the state budget had a deficit of UAH 911.1 billion, including UAH 909.5 billion for the general fund, including in December, UAH 99 billion and UAH 101.3 billion, respectively, and in pre-war 2021 there was the general fund deficit was equal to UAH 166.8 billion.

State budget expenditures for 2022 reached UAH 2.70 trillion, including UAH 2.41 trillion for the general fund, which was 91.7% higher than in 2021. In December 2022, budget cash expenditures amounted to UAH 408.8 billion, including the general fund – UAH 330.5 billion.

The general fund of the state budget received UAH 1.491 trillion in 2022, of which grant funding was UAH 480.6 billion, while in 2021 revenues reached UAH 1.084 trillion. In December 2022, the revenues of the general fund were equal to UAH 229.2 billion, of which UAH 138.4 billion was grant assistance.

As reported, on October 6, the Verkhovna Rada approved further amendments to the 2023 state budget, mainly to increase spending in the security and defense sector. The new state budget expenditures were set at UAH 3.393 trillion, including UAH 3.05 trillion for the general fund, while revenues being UAH 1.416 trillion, including UAH 1.253 trillion for the general fund. The upper deficit was set at UAH 2.01 trillion, including UAH 1.835 trillion for the general fund.