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Ukrainian state budget for 2014 to be passed on January 16

January 10, 2014, 23:41 UTC+3 KIEV
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KIEV, January 10, 23:11 /ITAR-TASS/. Ukraine’s state budget is to be passed on January 16, Prime Minister Nikolai Azarov said, adding that it was a “maximally balanced and realistic” budget.

Under a special procedure approved by the national parliament to consider the 2014 state budget, amendments to the draft budget were to be submitted before January 8, 2014 in order to have the draft budget considered and adopted in general on January 16.

Earlier, Ukraine’s cabinet of ministers submitted to the parliament a draft 2014 budget featuring a deficit of 54.89 billion hryvnias (6.861 billion U.S. dollars). The nominal GDP was projected at 1.65 trillion hryvnias (206.6 billiob U.S. dollars). The draft budget set revenues at 498.9 billion hryvnias (62.37 billion U.S. dollars), with the state budget pool fixed at 389.7 billion hryvnias (48.73 billion U.S. dollars).

The bill on the state budget that was registered by the Verkhovna Rada (parliament) sets the upper deficit limit at 59.547 billion hryvnias (7.443 billion U.S. dollars). State revenues are fixed at 392.404 billion hryvnias (49.05 billion U.S. dollars), and expenditures - at 447.294 billion hryvnias (55.912 billion U.S. dollars).

The draft budget increases the minimum wage by 6.8 percent from October 1, 2014 to reach 1,301 hryvnia (162.63 U.S. dollars) and the living wage - by 2.56 percent from July to amount to 1,207 hryvnias (150.88 U.S. dollars).

Inflation is projected at 4.3 percent and the GDP growth - at three percent.

The government proposes the parliament to reduce defence expenses in 2014 by 4.9 percent to 14.6 billion hryvnias (1.82 billion U.S. dollars) and concurrently increase expenses on the police by 14.4 percent - to 18.38 billion hryvnias (about 2.4 bilion U.S. dollars). Public debt payments in 2014 are fixed at 140.3 billion hryvnias (17.5 billion U.S. dollars).

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