The Ukrainian parliament has adopted the state budget for 2020.
According to the Interfax Ukraine news agency, the state budget was adopted by 280 votes, compared with the minimum required 226 votes, the CFTS portal reports.
According to Finance Minister Oksana Markarova, the state budget takes account of potential revenues from gambling businesses, for which the parliament will also need to adopt a law on legalization of gambling.
According to Markarova, parliament-adopted laws on concessions, authorized economic operators, privatization, and other laws will allow the 2020 state budget’s projected revenue target to be exceeded.
"We have all the excise revenues. With the exception of the amendments that parliamentarians have just adopted – which provides for transferring revenues from excise taxes on fuel into local budgets, and this is about UAH 7 billion – the remainder will go into the Road Fund... Road construction will be maximized from January 1, 2020,” she said.
The 2020 state budget is based on the exchange rate of 27.5 UAH/USD. Budget revenues are projected at UAH 1.09 trillion (USD 40 billion) and expenditures at UAH 1.18 trillion.
The minimum wage will increase to UAH 4,723 (USD 194.24) per month and the living wage to UAH 2,102 (USD 86.45) per month on January 1, 2020, (they will further increase on July 1 and December 1).
The state budget also allocates UAH 140 million (USD 5.7 million) for increasing uranium production and UAH 500 million (USD 20.56 million) for youth exchange programs. It increases the expenditures of the Ministry of Internal Affairs to UAH 92.96 billion (USD 3.78 billion).
About one-third of the annual budget for 2020 is allocated for payment of public debts.
Before voting on the draft state budget, the parliament adopted a law on amendment of the Budget Code.
The law on amendment of the Budget Code provides for creation of a debt agency. The head of the debt agency will be responsible for government borrowing and public debt management.
In addition, the parliament adopted an amendment that provides for transfer of the proceeds from the excise tax on fuel from the Road Fund into local budgets.