Ukraine’s State Budget for 2020 based on 3.3% GDP growth forecast – Markarova

On September 20, Finance Minister Oksana Markarova submitted a draft state budget for 2020 for consideration in parliament.

The draft State Budget for 2020 is based on the 3.3% gross domestic product growth forecast made back in May of this year.

“The budget we are discussing is based on the macroeconomic forecast prepared in May 2019. The review of the macroeconomic indicator, which, in keeping with the Budget Code could be done between the first and second readings, is pending. Therefore today the budget is based on real GDP growth by 3.3% and all those macroeconomic indicators and social standards approved by the previous Cabinet,” the Minister of Finance said.

To Markarova, the draft budget for 2020 is balanced, realistic and provides for the financing of all priority expenses.

“As a minister who has composed more than one budget, I assure you that this document is balanced and realistic. And this budget provides for financing all priority expenses,” the head of the financial department emphasized.

Markarova noted that a third of the budget would be spent to cover the current loans and percents owned by Ukraine.

“Many people noticed that we spend a lot in this budget on paying and servicing our public debt – internal and external. Almost a third of the budget goes to these expenses,” Markarova said in her speech.

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