In the first six months of 2018, the revenues of the state budget of Ukraine amounted UAH 449 billion including revenues of the general fund amounting UAH 409.4 billion. The revenues increased by 13.7% compared to the same period of the previous year, the revenues of the general fund of the state budget increased by 20.9%.
The revenue plan for the general fund of the state budget was fulfilled by 96.5% due to the decision to restructure the dividend payments by JSC “Naftogaz Ukrainy” (UAH 17.7 billion) postponing them till the end of the year in order to increase the company’s liquidity.
Revenues of the general fund of the state budget from the corporate profit tax amounted UAH 52.2 billion (123.9% of the planned amount), which is UAH 20.6 billion (64.9%) higher compared to the same period of 2017. Revenues from the private income tax amounted UAH 42.3 billion (101.5% of the planned amount), which is UAH 7.8 billion (22.5%) higher compared to last year.
The expenses of the state budget in January-June 2018 amounted UAH 459 billion, which is 25.4% (UAH 92.9 billion) compared to 2017. Without the debt service costs, the expenses of the state budget increased by 28.7% (by UAH 90.1 billion) and amounted UAH 403.6 billion.
The transfer to the State Pension Fund in the first six months of 2018 amounted UAH 72.3 billion. Thus, the Ministry of Finance has transferred the entire amount due to the State Pension Fund.
Salary costs including all due amounts increased by UAH 18.7 billion (32.2%) compared to January-June 2017 and reached UAH 76.9 billion, which is equal to 93.5% of the planned amount. The social spending (welfare, scholarships) amounted UAH 80.9 billion, which is equal to 98.7% of the planned amount.
Local budgets received transfers from the state budget amounting UAH 169.8 billion, which is UAH 33 billion (24.1%) higher compared to January-June 2017.
The deficit of the state budget is within the set limit and amounts UAH 9.8 billion.
Domestic loans to cover the state budget deficit were fulfilled at 101.1% and amounted UAH 84.1 billion.
To re-pay the public debt, the Ministry of Finance paid UAH 104.726 billion including UAH 23.765 billion for its international loans. Apart from that, the Ministry of Finance paid UAH 55.4 billion to cover other public liabilities.
International loans taken amounted UAH 2.7 billion and are thus behind the plan, which is due to the unfavorable market situation. The possibility to approach the international capital market in the second half of 2018 will be considered after a positive signal from the IMF and the stabilization of the situation.
Revenues of the state budget from the privatization of state property in January-June 2018 amounted UAH 49.9 million. They are expected to improve significantly by the end of this year due to the adoption of the Law of Ukraine “On the Privatization of State and Municipal Property”.