Ukraine's budget deficit for 11 months totals 30% of spending, 43% in Nov - Finance Ministry

MOSCOW. Dec 4 (Interfax) - Ukraine's state budget deficit in November this year was a record UAH 145.1 billion, compared to UAH 98.4 billion in October and UAH 87 billion in September, Ukrainian media reported, citing the Ministry of Finance and referencing operational data from the State Treasury.

According to the general fund, the deficit grew to UAH 162.5 billion from UAH 87.7 billion in October and UAH 85.6 billion in September.

State budget expenditures last month increased to UAH 337.9 billion after falling to UAH 292.1 billion in October from UAH 444.8 billion in September. For the general fund, expenses increased to UAH 286.3 billion from UAH 228.1 billion in October and UAH 230.2 billion in September.

Consequently, in November the budget deficit reached 43% of spending.

Revenues to the state budget general fund decreased to UAH 121.7 billion from UAH 139.4 billion in October and UAH 144.1 billion in September. Meanwhile, U.S. grant assistance, which was UAH 42-45.7 billion in the previous two months, was absent.

The State Tax Service exceeded its plan by 0.9%, while the State Customs Service underfulfilled theirs by 22%. The Ministry of Finance explains this situation as due to the blockade of the Ukrainian border by Polish carriers, which started November 6.

For January-November this year, state budget spending totaled UAH 3.452 trillion (including from the general fund of UAH 2.632 trillion), while income was UAH 2.397 trillion (general fund - UAH 1.536 trillion).

For the 11-month period, the state budget was executed with a deficit of UAH 1.045 trillion (30.3% of spending), including UAH 1.086 trillion for the general fund.

At the beginning of October, the Verkhovna Rada approved the next amendments to the 2023 state budget, which increases spending UAH 317.1 billion to UAH 3.393 trillion, including UAH 302.6 billion in additional funding for the security and defense sector. Revenues increased UAH 26.1 billion to UAH 1.416 trillion. The maximum deficit amounted to UAH 2.010 trillion.

The official exchange rate as of December 4 is 36.46 UAH/$1.