Zelensky signs bill in line with IMF benchmarks to increase 2023 budget expenditures by 487 bln hryvni

MOSCOW. April 12 (Interfax) - Ukrainian President Vladimir Zelensky has signed into law a bill amending the 2023 stage budget, increasing its expenditures by 474 billion hryvni and revenues by 61 billion hryvni, which eventually increased the budget deficit by another 419 billion hryvni, Ukrainian media reported.

The legislation is one of the 19 structural benchmarks of the International Monetary Fund's Extended Fund Facility (EFF) endorsed at the end of March, which was supposed to be implemented by the end of April.

The updated budget's aggregate revenues are now planned in the amount of 1.390 trillion hryvni, including general fund revenues of 1.234 trillion hryvni, and aggregate expenditures 3.76 trillion hryvni, including general fund expenditures of 2.783 trillion hryvni.

The ceiling of the state budget's deficit has been set at 1.729 trillion hryvni, including general fund deficit of 1.544 trillion hryvni. It is expected to be financed almost in full due to foreign borrowings in the amount of $42 billion.

On Tuesday, the Verkhovna Rada also passed legislation amending the Budget Code and the relevant regulations to improve the transparency and accountability of donations, which are accumulated on the National Bank of Ukraine's special accounts, and to consolidate them in the state budget's special fund. This measure is also listed among the IMF's 19 structural benchmarks and was to be implemented in May 2023.