Ukrainian budget spending to double revenue in 2023
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The Ukrainian government approved the draft budget for 2023 for the second reading, Prime Minister Denys Shmyhal said. The state budget deficit next year will be more than 20% of GDP, approved earlier in September.
“By the second reading, the government adjusted the GDP growth forecast for 2023 towards a conservative scenario (3.2% instead of 4.6%). The inflation forecast has been reduced from 30% to 28%,” Shmyhal wrote on his Telegram channel.
The 2023 budget is planned taking into account UAH 1.3 trillion in revenues, while expenditures will amount to UAH 2.6 trillion. In total, by the second reading in the draft state budget, the expenditure side increased by UAH 66.8 billion.
More than 1 trillion hryvnias will be allocated for security and defense, which is more than 18% of GDP. “We finance the Ukrainian army on our own at the expense of internal resources,” the prime minister said.
It is planned to cover the state budget deficit with the help of partners, he noted. “We need to raise $38 billion. We will get it from the EU, the US, the IMF and other donors. We are moving in this direction and we have every reason to count on progress,” said Denys Shmyhal.
October 25 President of Ukraine Volodymyr Zelensky addressed to the leaders of the European Union (EU) with a request to cover the budget deficit of $38 billion in 2023. Finance Minister of Ukraine Serhiy Marchenko estimated the monthly budget deficit of Ukraine in 2022 after the outbreak of hostilities at $5 billion.
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