Ukraine. Cabinet of Ministers plans to double budget financing of agrosector

27.06.2017

According to the draft regulation "On the main directions of budget policy for 2018-2020", submitted by the Cabinet of Ministers to Parliament on June 20 (No. 6591), in 2018 the budget financing of Agro-Industrial Complex of Ukraine is planned to be increased by more than 100% compared to 2017 - from UAH 5.6 billion to UAH 11.2 billion. The Ag Ministry will receive UAH 13.1 Bl in 2019 and UAH 13.9 Bl in 2020.

For the first time in the country’s history, the document was drawn up on the basis of so-called long-term budget planning – for three years, reports UkrAgroConsult.

The draft’s interesting figures include the U.S. dollar exchange rate. The government forecasts it at UAH 27.3/$ in 2018, 30.5 in 2019 and 31 in 2020.

Percentage of GDP growth against the previous year is forecast at 3% in 2018, 3.6% in 2019 and 4% in 2020.

The Budget’s revenues and expenditures will be, respectively, UAH 790 Bl and UAH 857 Bl in 2018, UAH 840 and UAH 908 Bl in 2019, and UAH 890 Bl and UAH 957 Bl in 2020.

As a reminder, Ukrainian legislation provides adoption by the Parliament of the main directions of budgetary policy (so-called budget resolution) every June. The moment of adoption is considered to mark the beginning of the process of making up the budget for the next year. However, last time Verkhovna Rada accepted such a document in 2013.

 

UkrAgroConsult

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