25 September 2017, 17:11
BUDGET-2018: THE DRAFT IS PUT INTO ACTION
The draft of Ukraine’s 2018 State Budget was presented on Friday, September 22. The MPs proposals have been closely scrutinised in the framework of the draft law preparation within the corresponding committee.
Minister of Finance of Ukraine Oleksandr Danyliuk voiced the main macro indexes of the 2018 Budget and the expenditure priorities as defined by the Government.
Budget revenues. Revenue of the consolidated budget is expected at the level of UAH 877 billion (rise by 13.8% against 2017).
On-budget expenditures. The 2018 draft state budget expenditures total up to UAH 948 billion (rise by 12.7% vs 2017).
Economy growth. The 2018 budget is based on the expectations of the economy growth at 3 % in 2018 (vs a projected 1.8 % this year), with the total growth 11% until 2020.
Inflation is seen to slow from from 11.2 % to 7%
Defence, security. The government-elaborated draft of 2018 State Budget sees expenditures at least 3% of GDP to be immediately directed to the army, while the general defense and security budget will amount to 5% of GDP. Spending on security and defense makes up over UAH 164 billion.
Minimum wage. The government proposes to raise the minimum wage by 16.3% - up to UAH 3,723 from January 1, 2018 with emphasis that the increase to be compensated solely by the revenues resulted in economic growth, rather than additional taxes and fees.
Debt. The overall public debt ceiling is set at UAH 2.747 trillion, or 84.6% of GDP. According to calculations, the total amount of national debt in the national currency by the end of 2018 will be UAH 1.999 trillion, or 61.5% of GDP. The guaranteed debt in the national currency will amount to UAH 747.551 billion. The state and the guaranteed debts will both total the above 84.6% of GDP.
JUDICIAL REFORM TO BE CONTINUED
The Verkhovna Rada of Ukraine spent approximately 15 hours to discuss judiciary reform this week. The review of unprecedented draft law, which consists of changes to three legal codes of Ukraine and other legislative acts and holds more than 4000 amendments, has took its final steps on the course of previous week with a little more than 600 amendments left. The finalisation of amendments examination and voting is expected to be on the next plenary meeting - October 3.