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In October 2020 the General Fund of the State Budget Received UAH 65.1 billion Overperforming by 14.8%

According to preliminary data of the State Treasury Service, in October 2020, the general fund of the state budget received UAH 65.1 billion, the budget monthly plan was executed by 114.8% or UAH +8.4 billion. 

The overperformance was caused by the following payments:
- VAT (+ UAH 5.8 billion),
- personal income tax and military fee (+ UAH 1.5 billion),
- an excise tax on tobacco products (+ UAH 1.2 billion),
- fee for the use of mineral resources (+ UAH 0.9 billion).

Over the past six months of this year, the underperformance of the general fund of the state budget, compared to January-April, decreased by UAH 42.6 billion - to "minus" UAH 1.6 billion, resulting in the improved cumulative performance of the general fund of the state budget to 99.8% in January -October (in January-April 2020, the performance was 86.1% or "minus" UAH 44.2 billion).

According to the State Treasury data in January-October 2020, the expenditures of the general fund of the state budget amounted to UAH 842.7 billion, or 89.9% of the budget monthly plan. At the same time, social expenditures, defense expenditures, debt and transfers to local budgets are fully funded in accordance with a budget plan and payment orders.
In January-October 2020, the state budget was executed with a deficit of UAH 111.0 billion, including the deficit of the general fund of UAH 120.0 billion, while the general fund's planned figure for the reporting period was UAH 214.2 billion.

Actual borrowings to the general fund of the state budget in January-October amounted to UAH 426.5 billion or 75.2% of the planned amount for this period.

In total, government domestic borrowings in January-October 2020 amounted to UAH 246.9 billion (77.9% of the plan), including:
domestic bonds placements for the state budget financing amounted to UAH 240.0 billion, including UAH 93.0 billion from government bonds in foreign currency (USD 2.7 billion and EUR 0.6 billion);
domestic bonds in the amount of UAH 6.8 billion were issued for the subsequent acquisition of shares of the state-owned JSC "Ukreximbank" in exchange for such bonds. 

The borrowings' amount for this period from external sources was UAH 179.6 billion (71.7% of the plan), including:
UAH 33.9 billion (EUR 1.25 billion) by placing 10-year Eurobonds at 4.375%;
UAH 2.4 billion (USD 86.0 million) - disbursements of IBRD loans within the “Social Safety Nets Modernization Project”;
UAH 55.2 billion (SDR 1.5 billion) of receiving the tranche of the IMF loan within the Stand-by 2020 Program;
UAH 15.0 billion (EUR 500 million) - EU macro-financial assistance;
UAH 55.4 billion (USD 2.0 billion) by placing the 12-year Eurobonds at 7.253%, including UAH 24.1 billion (USD 0.9 billion) for the early buy-back of 2015 external government bonds;
UAH 9.0 billion (USD 328.8 million)- private placement of the 2015 second series external government bonds additional issue for the purpose of a transaction with the state derivatives;
UAH 8.3 billion (EUR 250.0 million) - loans from Cargill Financial Services International, Inc.

The principal repayment of public debt in January-October amounted to UAH 337.6 billion (96.2% of the plan), interest debt-service payments were UAH 104.5 billion (98.7% of the plan).