Verkhovna Rada passes draft state budget for 2020 at first reading

As an Ukrinform correspondent reports, 255 lawmakers voted in favor of this decision.

"On behalf of the Verkhovna Rada, I would like to ask the Government to take into account all those proposals that were received from the MPs and worked out in the committee. I hope for a balanced, correct position of our colleagues and that the interests of the people of Ukraine will be taken into account in the budget for 2020," Chairman of the Verkhovna Rada Dmytro Razumkov said after of the vote.

According to the document, the state budget revenues are estimated at UAH 1079.5 billion, including UAH 962.7 billion of the general fund. The expenditures are expected to amount to UAH 1170 billion.

According to the draft law, Ukraine's economic growth is expected to accelerate to 3.3% of GDP next year with inflation slowdown to 6%. The minimum wage is budgeted at the level of UAH 4,723.

In 2020, public debt payments will total about UAH 438.1 billion, including UAH 145.2 billion in debt servicing. At the same time, Ukraine plans to borrow about UAH 380 billion next year.

The draft state budget for 2020 is calculated at the rate of UAH 28.2 / USD 1 as the macroeconomic forecast was approved back in May.

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