The President of Ukraine on December 31, 2015 signed adopted by the Verkhovna Rada of Ukraine the Law of Ukraine of December 25, 2015 No. 928-VIII “On the State Budget of Ukraine for 2016."
In the Law they approved indicators of the state budget for 2016, in particular revenues of UAH 595.2 billion, expenditures and loans of UAH 678.8 billion, state budget deficit of UAH 83.7 billion (which is 3.7% of the projected GDP).
In addition, the limit volumes of the government debt were set at UAH 1,501.5 billion as at December 31, 2016, and the government-guaranteed debt in the volume of UAH 444.8 billion.
The Law provides for increasing the floor wage and minimum subsistence level in general and for major social and demographic groups of the population from May 1, and December 1, 2016 (by 12.5% December-on-December of previous year). In particular, the floor wage will be UAH 1,450 from May, and from December UAH 1,550, and the minimum subsistence level for incapacitated persons, will be UAH 1,130 from May, and UAH 1,208 from December.
The Law for the first time established the relations between the state budget and 159 budgets of unified territorial communities, where local elections were held for the first time on October 25, 2015.
As earlier reported, Chairperson of the Verkhovna Rada of Ukraine Volodymyr Groysman said that in the State Budget of Ukraine for 2016 they managed to preserve fiscal decentralization, and "in certain issues even improve its parameters."