The parliament adopted the Law on State Budget for 2016 by 263 votes on Friday night with projected revenues of UAH 595.1 billion, which exceeds the projected revenues of the 2015 state budget by 15.1% or UAH 88.1 billion, the Interfax Ukraine news agency reports.
"The deficit is projected at 3.7% of GDP within the beacon of the International Monetary Fund (IMF) versus 4.1% of GDP in 2015," Minister of Finance Natalie Jaresko said while presenting the law.
According to the submitted text, the maximum size of the deficit is UAH 83.69 billion, which is 10.2% higher than the projected deficit of the 2015 state budget, although the state budget was implemented with a surplus of UAH 2.77 billion in the first ten months of 2015.
The 2016 state budget is based on a forecast GDP growth of 2%, a nominal GDP of UAH 2.262 trillion, and an average annual exchange rate of 24.1 hryvnia per dollar. Revenues into the general fund of the state budget are projected at UAH 562.73 billion and its expenditures at UAH 633.51 billion.
