In the first half of 2022, the state budget lost almost UAH 180 billion as a result of the hostilities.
The state budget lost at least 176 billion hryvnias in six months due to the Russian invasion, according to the analysis of the Accounts Chamber on Tuesday, August 30.
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According to the results of the first half of the year, the revenue plan of the general fund of the state budget was not fulfilled by UAH 28 billion or 4.7%. The tax debt of economic entities also increased (excluding customs payments) by UAH 23 billion or 28%.
It was noted that the state budget received less than 104 billion due to a reduction in imports, GDP, income of enterprises and employment, another 72 billion due to changes in tax and customs law.
“The loss of revenue was partially compensated by the receipt of international financial assistance and the withholding of VAT refunds,” notes the Accounts Chamber.
According to the Ministry of Economy, due to the war, the economy of Ukraine in January-June decreased by 28.5%. As of June 13, direct damage from damage and destruction of economic facilities in some sectors of the economy amounted to nearly $48 billion or UAH 1.4 trillion, which significantly reduced state budget revenues.
The Accounts Chamber states that in war conditions, the authorities continue to make payments to society – a third of all costs.
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At the same time, expenditures of the general fund of the state budget were carried out by UAH 264 billion, or 21% less than the plan. Almost two-thirds of the non-fulfillment of the plan is the cost of wages, taking into account the financial support of military personnel, social payments and purchases, repair of weapons, military equipment, facilities and equipment.
It was noted that in order to ensure the country’s defense capability, the government reduced spending and lending under the 401 budget program in the amount of UAH 165 billion, sending them to the state budget reserve fund. In particular, the decisions made by the Cabinet of Ministers concern the Pension Fund, education, culture, construction, repair and reconstruction of infrastructure facilities. Expenditures on defense capacity, state security and health care measures under 91 budget programs have not been reduced.
Government borrowing to cover the deficit and repay the debt exceeded the plan for the first half of the year and accounted for almost half of the fund’s total receipts.
The main creditor of the state budget in the domestic borrowing market is the National Bank, which acquired two-thirds of the government bonds placed in the first half of this year in the amount of UAH 225 billion. Ukraine received UAH 217 billion from external state borrowings.
According to the Ministry of Finance, since the beginning of the war, the financing of the state budget has reached 805.3 billion Hryvnia, or $ 26.95 billion (as of the beginning of August – ed.). External receipts amounted to $13.87 billion or 51% of the total fund.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.