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Top news

21 December 2016, 06:00

Verkhovna Rada of Ukraine adopts Law On State Budget For 2017

( Information Department of the Verkhovna Rada of Ukraine Secretariat )

The Legislative Act sets the following indicators of the state budget for 2017:

Revenues - UAH 721.4 billion;

Expenditures - UAH 790.4 billion;

and Threshold deficit level - UAH 77.5 billion.

Pursuant to the Law the total size of the state and government-backed debt as at late 2017 is expected to be UAH 2,296 billion, which is 88.8% of the projected GDP. The threshold size of the state debt as at December 31, 2017 is envisioned to be UAH 1,716.6 billion or 66.4% of the projected GDP; and the threshold size of the government-backed debt shall be UAH 579.4 billion or 22.4% of the projected GDP.

The Law envisions real GDP growth of 3%, nominal GDP reaching UAH 2.585 trillion and consumer inflation at the yearend of 8.1%.

The Law offers raising minimum wage to UAH 3,200 from January 1, 2017.

In 2017, living wage per capita a month is projected to be UAH 1,544 from January 1, 2017, UAH 1,624 from April 1, 2017 and UAH 1,700 from December 1, 2017.

The Law additionally regulates the following issues:

redemption of debts from difference in tariffs worth UAH 5 billion;

expenditures for loan interest aimed at implementation of defense capacity and security consolidation programs worth UAH 463.6 million;

funds for renewal of material and technical basis of specialized education worth UAH 50 million and additional expenditures for higher education establishments worth UAH 167 million.

increase of funds for paying scholarships by almost UAH 2 billion;

funds for medical education of persons worth UAH 20 million;

increase of expenditures for maintenance of clinics of the National Academy of Medical Sciences of Ukraine by almost UAH 818 million;

increase of expenditures for financing of medical aid provision experiment by UAH 200 million; etc.

The Law was adopted taking into consideration proposals of the Parliamentary Committee on Budget.

A total of 274 members of the parliament backed the Law On State Budget For 2017.