The tax increase will bring a corresponding increase in Ukraine’s shadow economy. Because of the retrospective increase in taxes from October 1, businesses are transferring their workers to the shadow employment sector. This will increase the shadow economy by 10 percentage points,... #ShadowEconomy #TaxesUkraine #TaxIncrease #UkraineBudgetDeficit #UkraineEconomy
In September, Ukraine received only €10M in foreign aid. How was the budget affected? In September, Ukraine received the smallest amount of aid from its international partners since the full-scale war began, a €10M loan from the EBRD, after significant receipts in August ($8.5B). Befor... #ebrd #financialaidforUkraine #UkraineBudget2024 #UkraineBudgetDeficit #worldbank
The final adoption of a bill raising taxes may negatively affect the economy: Businesses offer an alternative. The current version of the draft law provides for an increase in the military tax from 1.5% to 5%, a 50% tax on bank profits in 2024, and 25% for non-bank financial institutions. The bill foresees add... #ReformsinUkraine #ShadowEconomy #TaxesinUkraine #UkraineBudget #UkraineBudgetDeficit #UkraineEconomy
The IMF will decide on the next tranche for Ukraine in the coming weeks but keeps insisting on mobilizing domestic revenues for critical expenses. The IMF Executive Board plans to consider the issue of approving the results of the EFF program’s fifth revision and the allocation of the next tranche to Ukraine within a few weeks, IMF spokesw... #imf #JulieKozack #TaxesUkraine #UkraineBudget #UkraineBudgetDeficit
The business community offers an alternative to increasing taxes in Ukraine. Members of the European Business Association hope that instead of drafting laws to raise taxes for businesses, the government can find other solutions to fund the budget, as the entire burden of the p... #EBA #ReformsinUkraine #TaxesUkraine #UkraineBudget2024 #UkraineBudgetDeficit #ukrainianbusiness
The Ministry of Finance links the multibillion-dollar hole in the budget to delayed aid from the US and calls on the G7 to provide Ukraine with a $50B loan. Finance Minister Serhiy Marchenko has called on Ukraine’s Western allies to accelerate the $50B loan to Ukraine, arguing that delays in arms deliveries have led to a growing budget deficit, forc... #Creditors #G7 #imf #LoanForUkraine #RussianAssetsProfits #SerhiyMarchenko #UkraineBudget #UkraineBudgetDeficit
The Ukrainian parliament says that the government is preparing to raise taxes. Chairman of the Verkhovna Rada Committee on Finance Danylo Hetmantsev said that the Cabinet of Ministers is preparing proposals to raise certain taxes. This is because the Ministry of Defense needs an... #DanyloHetmantsev #TaxesUkraine #UkraineBudget2024 #UkraineBudgetDeficit #WarExpensesUkraine
It is too early to talk about the state budget deficit in 2025, and the government is looking for additional funding. Finance Minister Serhiy Marchenko said that it is too early to talk about the extent of next year’s budget deficit because everything will depend on the intensity of military operations. In addition, ... #DenysShmyhal #SerhiyMarchenko #UkraineBudget2024 #UkraineBudgetDeficit
How will Ukraine’s partners help it close the hole in its budget this year? According to the Ukrainian government, the need for international financing in 2024 is $37.2B. As of April 20, Ukraine has received $10.2B: $4.9B from the EU (Ukraine Facility) $2.1B from Japan... #financialaidforUkraine #imf #SupportUkraine #UkraineBudget2024 #UkraineBudgetDeficit #UkraineFacility #worldbank
The international financial aid deficit next year may reach $15B. As Deputy Chairman of the Finance Committee Yaroslav Zheleznyak said, the lack of financial aid from international partners next year may amount to $10-15B, and the hidden additional state budget defi... #EFFprogram #financialaidforUkraine #imf #SupportUkraine #UkraineBudget2024 #UkraineBudgetDeficit #YaroslavZhelezniak
The International Monetary Fund has updated its macro forecast for Ukraine. According to the IMF, the expectation for nominal GDP in 2024 has increased to ₴7.75T from the ₴7.64T predicted in December last year’ However, 2025’s forecast remains almost unchanged at ₴8.86T. At t... #GDPinUkraine #imf #InflationinUkraine #UkraineBudget2024 #UkraineBudgetDeficit #UkraineEconomicForecast #UkraineEconomy
Due to delayed funding from its allies, Ukraine is seeking more resources and is looking for other domestic sources to finance urgent needs. All of Ukraine’s internal resources are directed to funding the army; the state has almost exhausted its possibilities for domestic revenue sources, said the head of the budget committee of the Ukrain... #financialaidforUkraine #RoksolanaPidlasa #UkraineBudget2024 #UkraineBudgetDeficit
Last year, Ukraine’s national debt increased by $33.9B, most of which was preferential financing from international partners. As specified by the Ministry of Finance, as of December 31, 2023, Ukraine’s state and state-guaranteed amounted to $145.3B, which is comprised of external debt – $101.7B (69.99% of the total amo... #financialaidforUkraine #UkraineBudget2024 #UkraineBudgetDeficit #ukrainedebt
Without help from the US, Ukraine will have to expand its borrowing: What else is foreseen in Ukraine’s Plan B? Ukraine is working on a plan to cover the budget deficit without US support. The plan includes three elements: expanding domestic bond sales, raising taxes, and cutting spending. It is to be proposed ... #financialaidforUkraine #UkraineBudget2024 #UkraineBudgetDeficit #UkraineEconomy #UkraineFacility
The IMF is concerned about Ukraine’s delayed financial assistance. The head of the IMF, Kristalina Georgieva, believes the West should provide financial aid to Ukraine as soon as possible. In her opinion, Ukraine can cope with the likely short-term financing deficit ... #DanyloHetmantsev #financialaidforUkraine #imf #KristalinaGeorgieva #UkraineBudget2024 #UkraineBudgetDeficit
Ukraine strives to solve its financing problems, but there are risks. Kyiv plans to cover its budget deficit primarily through more than $40B in external financing next year. At the same time, more than two-thirds of this amount has not yet been confirmed. Therefore, Uk... #CurrencyRestrictions #financeUkraine #nbu #UkraineBudget #UkraineBudgetDeficit
The receipt of international aid lags behind the needs of the Ukrainian budget. The head of a specialized parliament committee, Danylo Hetmantsev reported that $37.43B was received from international partners to finance state budget expenditures this year, including $2B in Novemb... #DanyloHetmantsev #financialaidforUkraine #SupportUkraine #UkraineBudget #UkraineBudgetDeficit
The White House is asking Congress to approve nearly $12B in Ukrainian budget aid. US Treasury Secretary Janet Yellen, Defense Secretary Lloyd Austin, Secretary of State Antony Blinken, and Director of the US Agency for International Development Samantha Power urged Congress to appr... #JanetYellen #UkraineBudget #UkraineBudgetDeficit #USfinancionaidforUkraine #USsupportsUkraine
Without international financial support, Ukraine will face a $29B budget deficit next year, and the EU will also suffer. The Ukrainian Minister of Finance, Serhiy Marchenko, emphasized the importance of maintaining macroeconomic stability because Ukraine may also face an economic crisis and additional military conflict.... #financialaidforUkraine #SerhiyMarchenko #SupportUkraine #UkraineBudget #UkraineBudgetDeficit #UkraineFacility
The government has approved and sent a 2024 draft budget to the parliament: defense support increased, and $42B is expected from partners. The next year’s budget anticipates revenues of UAH 1.746T, expenditures of UAH 3.308T, and a UAH 1.531T budget deficit. At the same time, beginning January 1 the minimum salary will increase to ... #financialaidforUkraine #UkraineBudget #UkraineBudget2024 #UkraineBudgetDeficit
Ukraine’s state budget deficit increased to almost UAH 131B in August. The state budget deficit in August 2023 amounted to UAH 130.7B, compared to UAH 107.6B in July, the Ministry of Finance reported. It is noted that cash expenditures in the state budget increased signi... #financeUkraine #financialaidforUkraine #UkraineBudget #UkraineBudgetDeficit #UkraineIncome
The National Bank expects the state budget deficit to grow next year. In July, the regulator lowered its forecast for this indicator to 16.8% of GDP. Thus, considering grants, it is predicted that the consolidated budget deficit will reach UAH 1.28T. In the April report... #GDPinUkraine #nbu #UkraineBudget #UkraineBudgetDeficit #UkraineEconomy
The Ukrainian budget deficit in March decreased to UAH 59.2B from UAH 88.8B in February. According to the Ministry of Finance the state budget operated during the first three months of the year with a deficit of UAH 220.3B ($6.1B). At the same time, the actual state borrowing for the budg... #BondsUkraine #financialaidforUkraine #UkraineBudgetDeficit
The IMF Board of Directors has approved a new four-year $15.6B extended financing program for Ukraine. This program is part of the overall $115B package of Ukrainian support from its international partners. The first tranche of $2.7B is expected to arrive in a few weeks. After that, other tranches will... #financialaidforUkraine #IMFprogramm #UkraineBudgetDeficit
Ukraine expects to receive $5B from the IMF to fund a portion of the budget deficit. Ukraine is confident that the International Monetary Fund will help cover part of the state budget deficit this year. Around $5B is expected to be received, said Oleksiy Ustenko, a member of the Parli... #financialaidforUkraine #imf #UkraineBudgetDeficit
Ukraine’s national debt increased to $116.4B, and the budget deficit to UAH 161B. Ukraine’s state and state-guaranteed debt as of January 31 2023 amounted to UAH 4.258.2T or $116.4B. According to the Ministry of Finance, the amount of debt increased during January in hryvnia,... #UkraineBudgetDeficit #UkraineNationalDebt
Janet Yellen arrived in Kyiv to reinforce the US’ support for Kyiv. US Treasury Secretary Janet Yellen made an unannounced trip to Ukraine to reinforce Biden’s administration support and highlight the economic aid helping keep the embattled nation’s schools, hospitals... #JanetYellen #UkraineBudgetDeficit #USfinancionaidforUkraine
The head of the IMF came to Kyiv to discuss a $15B loan program. On February 20, the managing director of the International Monetary Fund, Kristalina Georgieva, visited Ukraine. During a meeting with President Volodymyr Zelenskyy, she said that she follows the even... #IMFprogramforUkraine #KristalinaGeorgieva #UkraineBudgetDeficit
The US will transfer $9.9B to Ukraine’s budget. The US government plans to transfer $9.9B that has been approved by Congress to Ukraine in the coming months for budget support, said Daphne Rand, director of the US State Department’s Office of... #DaphneRand #UkraineBudgetDeficit #USfinancionaidforUkraine
Ukraine’s budget deficit this year will be at least $40B. The IMF has estimated that Ukraine needs $40-48B in international financial support this year, the head of the International Monetary Fund, Kristalina Georgieva, said at the World Government Summit in... #InflationinUkraine #KristalinaGeorgieva #UkraineBudgetDeficit
Ukraine will negotiate a full-fledged program with the IMF. Ukraine expects to complete its monitoring program with the involvement of the IMF’s Board of Directors and to start negotiations on a full-fledged program in the second quarter. This is necessary to ... #financialaidforUkraine #IMFprogramforUkraine #SerhiyMarchenko #UkraineBudgetDeficit
Ukraine’s state debt has increased by another $4.3B. As of November 30, Ukraine’s state and state-guaranteed debt amounted to UAH 3.929T or $107B, according to the Ministry of Finance. During November, the amount of debt increased in hryvnia equiv... #DanyloHetmantsev #UkraineBudgetDeficit #UkraineStateDebt
Since the war began, Ukraine has managed to collect about $32B in macro-financial aid. According to Prime Minister Denys Shmyhal, Ukraine needs $38B next year to cover the budget deficit and another $17B to implement rapid reconstruction projects. He added that the EU promised €18B in m... #DenysShmyhal #financialaidforUkraine #UkraineBudgetDeficit
The IMF will allow the National Bank of Ukraine to print UAH 50B if needed. In case of a shortage of external financing at the beginning of 2023, the NBU can buy up to UAH 50B of domestic state loan bonds, according to the IMF’s materials on its monitoring program with ... #nbu #UkraineBond #UkraineBudgetDeficit
Ukraine expects to sign a memorandum on a new macro-finance agreement with the EU by the end of the year. Ukraine expects to sign a memorandum by the end of 2022 on the provision of €18B in macro-financial assistance from the European Union in 2023, Prime Minister Denys Shmyhal said. There are conditions... #DenysShmyhal #EUandUkraine #EUfinancialAid #UkraineBudgetDeficit
The EU and the US will cover the 2023 budget deficit of $38B. Ukraine expects the budget deficit next year will be covered by support from its international partners, said Prime Minister of Ukraine Denys Shmyhal. Shmyhal added that today, Ukraine has political p... #DenysShmyhal #financialaidforUkraine #UkraineBudgetDeficit #UkraineStateBudget
Ukraine’s energy crisis has deepened the GDP’s fall to 39% in October. The Russian attacks on critical infrastructure in October exacerbated the GDP’s fall, to 39%, through October, 2021. In September-August, the indicator remained at the 35% level. However, Ukraine̵... #EnergyCrisisUkraine #GDPUkraine #UkraineBudgetDeficit #YuliyaSvyridenko
The European Commission has prepared three financial support mechanisms for Ukraine, writes Politico. The European Commission wants to attract up to €18B in loans and grants to cover half of Ukraine’s expected budget deficit of $38-40B in 2023. The first option, which the Commi... #EUfinancialAid #financialaidforUkraine #UkraineBudgetDeficit
A gap between the financial contributions of Ukraine’s allies and its financial commitments complicates the state budget deficit. The first quarter of 2023 is currently the most difficult challenge for Ukraine as far as covering the budget deficit due to the big difference between partners’ commitments to financial support and t... #InflationinUkraine #nbu #SerhiyMarchenko #UkraineBudgetDeficit
In 2023, every fourth hryvnia will be used to service the national debt. Next year, the Accounting Chamber of Ukraine reported that 25% of budget revenue will be used to service the state debt. According to the agency, next year the state debt will double compared to the c... #StateBudget #UkraineBudgetDeficit #UkraineNationalDebt
The Government explained how they will cover the $38B 2023 budget deficit. The Cabinet of Ministers plans to cover Ukraine’s state budget deficit in 2023 with support from the International Monetary Fund, the EU, and the US. According to Prime Minister Denys Shmyhal, n... #DenysShmyhal #financialaidforUkraine #UkraineBudgetDeficit
Ukraine needs $9B every month to cover the budget deficit. According to President Zelenskyy’s adviser, Ukraine needs $9B monthly to cover the budget deficit, which is almost twice as much as previously requested. Earlier, the Ministry of Finance stated... #BudgetDeficit #UkraineBudget #UkraineBudgetDeficit
Ukraine covers only 62% of the state budget expenditures. “We cover only about 62% of the state budget, and this does not take into account military expenditures. In addition to that, May’s inflation reached 18%,” said the Minister of Finance, Se... #SerhiyMarchenko #UkraineBudgetDeficit #UkraineStateBudget
The general fund of the state budget of Ukraine for January-November 2021 was executed with a deficit of UAH 57.4 bln ($2.12 bln) , when projected for the reporting period in the amount of UAH 175.7 bln ($6.48 bln), the Ministry of Finance said. The Ministry of Finance pointed out that in 11 months, the general fund received UAH... #Budget2022 #UkraineBudgetDeficit
The state budget deficit to grow to 3-3.5% of GDP in December. The head of the Ministry of Finance of Ukraine, Sergei Marchenko, expects a significant increase in the state budget deficit in December to 3-3.5% of GDP. For 11 months of 2021, the actual budget defi... #SerhiyMarchenko #UkraineBudget2022 #UkraineBudgetDeficit
The 2021 state budget deficit will be ₴170 bln ($ 6.46 bln) with an annual plan of ₴220 bln ($8.36 bln). The announcement was made by the Head of the Center for Analysis of Public Finances and Public Administration of the Kyiv School of Economics, Daryna March... #BudgetDeficit #UkraineBudget #UkraineBudgetDeficit
