Ukraine's cabinet of ministers approves 2023 draft state budget with deficit of 20% of GDP

MOSCOW. Sept 14 (Interfax) - The Ukrainian government has approved the draft state budget for 2023, with revenues of 1.279 trillion hryvnias and expenditures of 2.573 trillion hryvnias, the country's Finance Ministry said in a statement.

Revenues in the budget's general fund are set at 1.147 trillion hryvnias, and expenses in the general fund are set at 2.269 trillion hryvnias.

"A budget deficit is envisaged at 20% of GDP, which is planned to be covered by government borrowings totaling 1.687 trillion hryvnias - the general fund is 1.517 trillion hryvnias - of which 415 billion hryvnias will pay off the public debt," according to the statement.

Ukraine's government estimates the need for financing the budget at $5 billion per month this year.

The official exchange rate as on September 14, 2022, is 36.57 hryvnias/$1.