State budget implementation in February 2019

3/1/19

Each month of the 2019 is full of challenges with public debt re-payment being the main. The Ministry of Finance analyses budget liquidity on a daily basis in order to cover the expenses of the state budget on time and in full.

According to the operative data of the State Treasury, the revenues of the state budget in February 2019 (general and special funds) were equal to UAH 70.3 billion, which is equals 108.6% of the budget plan. The revenues increased by 24.9% compared to February 2018 due to increasing salaries (resulting in higher personal income tax revenues) and consumption (resulting in higher VAT and excise revenues).
The general fund revenues of the state budget were equal to 97.9% of the plan due to a number of reasons:
• Actual increase of imports turned out lower than planned in the budget figures;
• Overpayment in the rent fee for natural gas extraction as per the beginning of February was equal to UAH 0.6 billion;
• Decline in tobacco products;
• The domestic market was saturated by wholesale companies that had goods in stock for which the excise had been paid in previous periods.

The lower revenues from the VAT on imported goods, rent fee and excise were partially compensated by overperformance in the personal income tax and corporate profit tax revenues.

The revenues of the special fund of the state budget were equal to 198% of the plan. The main reason for this overperformance is related to revenues of the special fund from the import duty, VAT and excise on vehicles with foreign plate numbers imported to Ukraine in the period from January 1, 2015 until November 25, 2018. These revenues, that are used as a source of funding for the Pension Fund, amounted UAH 4 billion in February.

Also, the special fund of the state budget received UAH 1.5 billion in February that were seized by courts in cases concerning corruption charges.
The revenues of the state budget in the first two months of 2019 amounted UAH 124.8 billion, which is equal to 99.2% of the plan. Compared to last year, they increased by UAH 13.3 billion or by 12%.

The Ministry of Finance and the State Treasury covered the necessary public expenses in February on time and in full as required by the respective budget allocations.
As per March 1, the sum on the United State Treasury Account was equal to UAH 8.2 billion. On the first day of spring, the currency account of the Government received funds amounting EUR 512 million provided as a loan backed by the World Bank.

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