Ukraine reduces budget deficit in Jan-Aug
KYIV. Oct 3 (Interfax) - Ukraine's state budget deficit was UAH 5.18 billion in January-August 2011, 88.4% down from the same period of 2010, the Ukrainian Finance Ministry reported.
The ministry attributes the reduction to higher than targeted revenue and a balanced spending policy.
The ministry said revenue in the eight months totaled UAH 201.91 billion, 40.7% more than in the same period of 2010. Tax revenue grew 72.1% to UAH 168.64 billion.
State budget spending was UAH 204.5 billion.
Ukraine paid UAH 31.43 billion from the budget in principal debt payments and state borrowing totaled UAH 63.68 billion (including UAH 17 billion in government bonds for capitalization of Rodovid Bank, Ukrgazbank, Oschadbank and Naftogaz Ukrainy).
The Ukrainian budget received UAH 10.98 billion, or 9.8% over the annual target, from privatization thanks to the sale of Ukrtelecom.
The 2011 state budget (including adjustments) was approved with revenue of UAH 299.197 billion and spending of UAH 33.639 billion. The ceiling deficit is set at UAH 35.34 billion.
