Ukraine’s state budget deficit up 3.6-fold y/y in Jan-Apr.

By bne IntelliNews June 3, 2013

In Jan-Apr, the state budget deficit rose 3.6-fold y/y to UAH 16.145bn (USD 2bn), the FinMin has reported. This includes UAH 17.798bn deficit of the general fund. The consolidated budget deficit amounted to UAH 18.883bn. The deficit of the national budget in April came to UAH 11.622bn, which is 2.1 times up y/y (UAH 5.498bn): in March 2013 the deficit of the national budget stood at UAH 2.189bn.

In Jan-Apr, UAH 19.182 was channeled to pay the principle of the state debt: UAH 12.541bn for the domestic debt and UAH 6.642bn for the foreign debt. The state borrowed UAH 62.851bn for the national budget, including UAH 61.531bn for the general fund. The ministry said that UAH 43.547bn was raised on the domestic market and UAH 19.304bn from foreign sources.

The privatization of state-owned property brought UAH 52.5mn to the budget in Jan-Apr. Revenues of the national budget in Jan-Apr totaled UAH 106.118bn, up by 4.9% y/y. Revenues of the general fund over the period came to UAH 91.42bn, up by 5.5% y/y. VAT refunds rose by 22.6% y/y to UAH 18.5bn. Moreover, UAH 14.698bn was sent to the special fund of the national budget in Jan-Apr, up 1.8% y/y. Budget organizations' own revenues over the period totaled UAH 9.307bn, which is 55.7% up y/y. Cash disbursements of the national budget grew 16.2% y/y to UAH 121.707bn, including UAH 109.495bn from the general fund, a rise of 20.6% y/y.

In Q1, the state budget deficit was estimated at UAH 4.5bn compared to a surplus of UAH 979mn seen in Q1/12. Ukraine's national budget deficit was estimated at UAH 53.39bn in 2012, accounting for 3.8% of GDP, while this indicator in 2011 was 1.8% of GDP.

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