Parliament Supported Draft State Budget 2022

Today, on December 2nd, the Parliament supported the draft Law "On the State Budget of Ukraine for the year 2022" in the second reading and as a whole.

The draft State Budget 2022 for the first time is based on the Budget Declaration 2022-2024 and takes into account the resource law 5600 supported by the Parliament.

"The draft State Budget-2022 is the result of coordinated cooperation between the President of Ukraine, the Government, and members of parliament. We have taken into account Ukraine's medium-term development priorities. The budget provides for investing of taxpayers money in the future of our country, a successful and prosperous state", - stressed the Minister of Finance of Ukraine Sergii Marchenko during his speech in the Parliament.

During the preparation of the State Budget of Ukraine, the Ministry of Finance jointly with Ministries and government organizations thoroughly processed over 3 thousand amendments of Members of Parliament. A large part has been taken into account in accordance with the priorities of the Presidential Programme, and it is, in particular, such initiatives as "Great Construction", "Affordable Housing", "Tourist Magnets", "Digital Transformation", programs of the Government and the Parliament within the available resources of the budget provisions take into account the parliamentary initiatives amounting to more than UAH 37 billion.

Compared with the first reading, the state budget revenues have increased by UAH 54.7 billion and total UAH 1.32 trillion. Expenses are budgeted at the level of UAH 1.52 trillion and take into account the financing of all priority needs of the state, in particular:

• ensuring the quality level of medicine and education;
• creation of inclusive educational environment and barrier-free space;
• support for veterans;
• strengthening of defense capability and security of the state;
• development of infrastructure;
• digitalization.

Within the framework of cooperation with the International Monetary Fund, the marginal budget deficit is set at 3.5% of GDP, and it is planned to gradually decrease to 3% of GDP in 2023 and 2.7% of GDP in 2024 in the medium term. This will not only prolong the fiscal consolidation of the budget, reduce the debt burden, but also increase investment in the country's development.