Ukraine urgently increases budget for 2023
2023.02.07 09:30
Ukraine urgently increases budget for 2023
By Ray Johnson
Budrigannews.com – On Tuesday, the parliament of Ukraine approved amendments to the state budget for 2023. These amendments increased spending on supporting small businesses and increased funding for projects of reconstruction and recovery following Russia’s invasion.
The head of the parliamentary budget committee, Roksolana Pidlasa, stated that spending had increased by $150 million, or 5.5 billion hryvnias.
The increase included money to rebuild bridges that were damaged in Russia’s war on Ukraine, finance and modernize hospitals in the capital, Kiev, and the western city of Lviv.
State guarantees for loans in the agricultural sector and an additional 1.28 billion hryvnias in support for processing industry small businesses are also included in the amended budget.
The public finances of Ukraine have been devastated by nearly a year of war, resulting in double-digit inflation, increased unemployment, a sharp drop in exports, and significant revenue and tax income losses.
This year, the budget deficit in Ukraine is anticipated to be around $38 billion. Western aid will be used to pay for the deficit, as the government intends.
In January, the budget received 35.8 billion hryvnia from tax revenues and 31.5 billion hryvnia from customs, according to the finance ministry. Foreign aid totaling 155.24 billion hryvnias was also given to the government last month.
