Ministry of Finance: budget for 2018 provides funding for all priority reforms in Ukraine

9/19/17

Today, the press center of the Government has hosted the press briefing “Key figures of the draft state budget for 2018” which was attended by First Deputy Minister of Finance Oksana Markarova, First Deputy Minister of Economic Development and Trade Maksym Nefyodov and First Deputy Minister of Agrarian Policy and Food Maksym Martynyuk.

During the briefing, the speakers repeated the key figures of the state budget 2018 according to the basic scenario of the macroeconomic forecast approved by the Government. The figures assume the growth of the real GDP by 3%, inflation of 7%, increase of the minimum wage to UAH 3723 (+ UAH 523) starting from January 1, 2018 as well as the increase of living wage by 9% compared to 2017 etc. These figures come along with the reduction of the budget deficit in 2018 to 2.4% of the GDP compared to 2.7% of the GDP in 2017.

“The draft budget which we have prepared has clearly set priorities which shall receive appropriate funding. It ensures the implementation of all priority reforms in Ukraine including, first of all, healthcare, education, social welfare, development of agriculture, decentralization reform and others. At the same time, this is a realistic budget continuing the policy of fiscal consolidation. For the first time, it contains additional documents which are a part of the mid-term budget planning”, First Deputy Minister of Finance Oksana Markarova said.

“The Ministry of Economic Development and Trade welcomes the fact that the budget deficit has been going down. This is important in the context of reducing state interventions in the economy. Also, we see public investments growing, including those into the infrastructure. 44 billion hryvnas allotted for the road construction will contribute to the revival of business activity”, First Deputy Minister of Economic Development and Trade Maksym Nefyodov said.

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