Finance Ministry reviews Q1, 2009 budget deficit upwards

19:45

The deficit of Ukraine's national budget January through March 2009 was estimated at UAH 479.4 million, which was 43.8%, or UAH 146 million, up on the previous estimates, the Finance Ministry has said on its official Web site.

"January through March 2009, the consolidated budget (comprising the national budget and local budgets) was executed with a deficit of UAH 74.3 million… the national budget was executed with a deficit of UAH 479.4 million, while the deficit of the budget's general fund was estimated at UAH 4.520 billion [The national budget consists of the general fund and the special fund. The latter was executed with a surplus, therefore the deficit of the national budget in general is measured in millions, instead of billions]," reads the report.

The Finance Ministry had previously estimated the deficit of the national budget in the first quarter at UAH 333.4 million, while the deficit of the general fund was estimated at UAH 4.523 billion. The surplus of the consolidated budget was valued at UAH 71.6 million.

According to the Finance Ministry, UAH 1.949 billion, including UAH 1.193 billion from the general fund, was spent on the repayment of principal debt from the national budget. In particular, UAH 635.7 million was earmarked to repay domestic debt and UAH 1.313 billion on foreign debt.

As the Finance Ministry said, state borrowing channeled into the national budget in the first quarter of 2009 amounted to UAH 3.373 billion, including UAH 3.045 billion raised from the domestic market into the general fund, and UAH 327.7 million from the foreign market into the special fund. A mere UAH 62.4 million in receipts from the privatization of state property was funneled to the budget in the first quarter of 2009.

According to the report, the general revenues of the consolidated budget January through March totaled UAH 65.710 billion, which was 6.5% up on the same period last year.

The revenues of the national budget January through March grew by 9.7% year-over-year, to UAH 51.270 billion.

The general fund of the national budget in the first quarter of 2009 received UAH 34.467 billion, or 97.4% of the target figure – receipts fell by 8.1% compared to January-March 2008.

The Finance Ministry said that the general amount of expenditures in cash from the consolidated budget January through March was UAH 65.010 billion, which was 16% up on the same period last year.

National budget outlays in cash over the first three months of 2009 totaled UAH 50.977 billion, which was 12% up on the same period last year.

28.05.2009