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Source: Government of Ukraine

On Thursday, November 5, the Verkhovna Rada of Ukraine adopted in the first reading the draft State Budget for 2021. The decision was backed by 275 MPs.

Prime Minister Denys Shmyhal thanked the Parliament for the state-centric decision. He also stressed that it is critical to adopt the State Budget in a timely manner, as it opens opportunities for local budgets.

“After decentralization, the communities will receive more than UAH 500 billion at their disposal. And the adoption of the State Budget also allows them to approve their estimates and have access to this money as early as January 1,” the Head of Government said.

The Prime Minister stressed that the draft State Budget submitted by the Government for next year contains both a significant social component and development parts of the budget, which include investment projects and a UAH 12 billion resource in the form of state guarantees for business development.

“This is UAH 10 billion portfolio guarantees and another UAH 2 billion for interest reimbursement under the “5-7-9″ program, which has proved itself very successfully. This budget includes a 30% increase in the salaries of doctors and teachers,” said Denys Shmyhal.

The Prime Minister added that the draft budget also provides for an increase in the minimum wage. This mechanism has already paid off this year. According to the Head of Government, the improvement of the minimum wage revives consumer consumption and supports the economy.

According to the Prime Minister, the adoption of the draft budget in the first reading opens an opportunity for Ukraine to continue the dialogue with international financial partners.

MIL OSI Europe News