Finance Minister: Ukraine not to face default without cooperation with IMF
"There are many risks, this budget is not simple. If we have limited borrowing opportunities, we will take other radical steps. Today, we hope that the Parliament will show its good will and pass the necessary laws," Finance Minister of Ukraine Serhiy Marchenko said on the air of the Freedom of Speech TV program, an Ukrinform correspondent reports.
He stressed that Ukraine would not face default without cooperation with the International Monetary Fund but the situation would be very difficult.
As reported, the draft law No. 3276 on amending the State Budget for 2020 was rejected by the Verkhovna Rada on March 30. The lawmakers sent it for revision to the relevant committee. The bill proposed to reduce state budget revenues by UAH 122.9 billion (from UAH 1.096 trillion to UAH 972.6 billion) and increase expenditure by UAH 79 billion (from UAH 1.184 trillion to UAH 1.263 trillion). The budget deficit boundary was proposed to be increased 3.1-fold – from UAH 96.3 billion to UAH 298.4 billion.
The Government of Ukraine looks forward to working with the International Monetary Fund and other international financial institutions. The IMF has two basic requirements for Ukraine: the adoption of the law on the land market that has been successfully passed, and the adoption of the law on non-return of banks to former owners. This bill is now at its first reading and is being prepared for second reading. During the preparation for the second reading, the MPs made more than 16,000 amendments to it.
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