Monthly Plan of the State Budget of Ukraine was Executed by 92.9% during the Period of the Martial Law
According to the preliminary data of the State Treasury Service of Ukraine, in March 2022, the general fund of the state budget received UAH 103.4 billion. The monthly plan was executed by 92.9%.
The main sources of the state budget revenues were the following :
- dividends from state-owned companies - UAH 32.5 billion;
- corporate profit tax - UAH 26.6 billion;
- value-added tax - UAH 22.6 billion;
- personal income tax and military fee - UAH 9.8 billion;
- fee for the use of mineral resources - UAH 6.3 billion.
Receipts of a single fee on obligatory national social insurance in the Pension Fund and Social Insurance Funds in March of 2022 amounted to UAH 27.8 billion.
The military invasion of the Russian Federation on February 24, 2022, into the territory of Ukraine and further deployment of hostilities inflicted a severe blow to the Ukrainian economy, which certainly affected the budget performance of the current year.
The government immediately took priority measures to reorient the country's budget to military purposes and to implement the necessary social expenditures aimed at maintaining the livelihood of the population. Other expenditures, including capital expenditures, were temporarily suspended.
Thus, according to the preliminary data of the State Treasury Service of Ukraine in January-March 2022, cash expenditures of the general fund of the state budget were carried out according to the plan and amounted to UAH 356.4 billion, or 67.8% of the plan for the reporting period.
The general fund of the State Budget in January-March 2022 was executed with a deficit of UAH 67.5 billion, while the planned deficit for the first quarter of 2022 was UAH 266.1 billion.
Actual state borrowings to the general fund of the state budget for January-March 2022 amounted to UAH 162.9 billion.
UAH 66.2 billion, including UAH 5.1 billion in foreign currency (USD 171.6 million and EUR 7.1 million) was attracted for the financing of the state budget from the placement of domestic government bonds.
UAH 47.7 billion was attracted by the issue of war government bonds, including UAH 20.0 billion bought by the National Bank of Ukraine.
UAH 96.7 billion was attracted from external sources, including:
- UAH 0.1 billion (USD 3.5 million) from the IBRD loan within the framework of the project "Acceleration of Investment in Agriculture of Ukraine" (No 8973-UA dated August 27, 2019).
- UAH 1.2 billion (USD 40.0 million) from the IBRD loan within the framework of the project “Second additional financing aimed at overcoming the consequences of the COVID-19 pandemic” (No 9196-UA dated December 14, 2020).
- UAH 0.4 billion (USD 14 million) receipt of IBRD loan funds under the project "Additional financing for the project "Emergency Response to COVID-19 and Vaccination in Ukraine" (No 9315-UA dated 17 May, 2021);
- UAH 0.1 billion (USD 4.9 million) receipt of IBRD loan funds under the project "Emergency Response to COVID-19 and Vaccination in Ukraine" (No 9250-UA dated 17 May, 2021);
- UAH 41.3 billion (USD 1.4 billion) receipt of International Monetary Fund funds as part of additional funding under the Rapid Financing Instrument (RFI) emergency support program;
- UAH 19.5 billion (EUR 0.6 billion) of the EU loan as part of a new package of macro-financial assistance;
- UAH 8.5 billion (EUR 257.0 million) of the EIB loan proceeds from the APEX project (No 82.844 dated December 24, 2014);
- UAH 10.3 billion. (EUR 0.3 billion) receipt of IBRD loan funds under the project "Additional Loan to the Second Economic Recovery Development Policy Loan" (No 9366-UA dated March 8, 2022);
- UAH 2.7 billion (USD 91.2 million) receipt of the IBRD loan funds within the framework of the project "Second Additional Financing for COVID-19 Reagent and Vaccination in Ukraine" (9369-UA dated March 8, 2022);
- UAH 12.6 billion (EUR 382.0 million) to receive EIB loan funds under the project "Main loan for the agricultural sector" (No 85.055 dated December 28, 2015).
Public debt repayments for January-March 2022 totaled UAH 96.1 billion, and debt service payments amounted to UAH 39.2 billion.