State budget expenditures-2023 have to be revised due to the worsening macroeconomic forecast for the current year.
The Ministry of Finance prepares changes to public spending included in the budget. They need to be changed due to the worsening macro outlook for 2023. This was stated by the Minister of Finance Serhiy Marchenko, reports Forbes Ukraine on Monday, March 6.
“This (budget revision due to macro forecast changes – ed.) is a matter of time and quantity, but it is a necessity, so we will prepare a draft budget amendment in the near future,” the head of the department said.
Answering the question of whether the Ministry of Finance plans to change both the income and expenditure parts of the budget, Marchenko said that we are talking about expenditures.
“I am not sure that we have the opportunity to change the revenue part – we are limited in this aspect in maneuvers. The expenditure part – yes,” explained the minister.
According to him, the agency is more focused on last year’s figures than macro forecasts.
“The main source of budget revenues is the personal income tax and VAT. In this sense, we do not see significant fluctuations,” summed up the head of the Ministry of Finance.
Recall that on November 3, 2022, the Verkhovna Rada adopted the state budget law for 2023. State budget revenues are provided in the amount of 1 trillion 329.3 billion, and expenses will reach 2 trillion 580.7 billion Hryvnia . The maximum deficit will be UAH 1 trillion 296.5 billion.
In February 2023, Ukraine’s state budget deficit increased to UAH 88.8 billion from UAH 72.3 billion in January.
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Source: korrespondent
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