On November 14, the Parliament approved the draft state budget for 2018 in the first reading. The draft state budget was prepared by the Ministry of Finance on the basis of the mid-term budget resolution. The draft state budget was supported by 260 votes.
Also, in the first reading the Parliament approved amendments to the Budget Code and the Tax Code which directly impact the budget for next year.
The draft state budget for 2018 prepared by the Ministry of Finance is based on the principles of realistic figures, balance, transparency, effectiveness and strategic approach. It means that all expenses in the budget for 2018 are covered by revenues. This is crucial for the budget balance.
The budget revenues are sufficient to finance all state priorities, since the budget for 2018 ensures the effective use of the taxpayers’ money.
When discussing the draft state budget for 2018, the members of Parliament made a number of proposals regarding the second reading. Within two weeks, the Ministry of Finance will prepare the draft state budget for 2018 for the second reading in line with the Budget Conclusions of the Parliament and submit it to the Parliament.
“The country must begin the new year with calm and confidence, having the adopted state budget, because this is a development-focused budget laying the ground for the economic growth in the next three years”, Minister of Finance Oleksandr Danyliuk said.