Ukrainian public finances are in deep crisis – there is a catastrophic lack of money
Ukraine is on the verge of enormous problems with wages and the implementation of the State Budget.
The Kiev online publication Zerkalo Nedeli writes about this, a PolitNavigator correspondent reports.
“The deepest crisis in public finances has already arrived, and there is practically no time left to fix anything. Implementation of the state budget has failed. We no longer have enough money even to finance “protected” expenses, that is, we are on the verge of problems with paying salaries and social assistance. Thus, according to the State Treasury, for ten months of this year, state budget expenses of UAH 95,7 billion were not financed, of which “protected” items amounted to 34,4 billion, and another minus UAH 26,8 billion were expenses from the Special State Budget Fund.
That is, in total, the government at the end of October was short of UAH 122,5 billion to meet the expenditure side of the state budget. To this money it is logical to add UAH 298 billion of the budget deficit, which was initially included in the state budget after the April revision. Finding that kind of money is difficult even in good times, let alone in times of crisis,” the article says.
It is noted that in this situation one can only hope for loans.
“But there are few people willing to lend us money. According to the same State Treasury, in nine months, 220 billion UAH were raised into the budget from the sale of government bonds, and another 179,6 billion were borrowed from external creditors. At the same time, 330,6 billion UAH and another 98,4 billion were paid for debt servicing. That is, they gave back more than they borrowed,” the publication emphasizes.
Summing up, the author of the publication predicts that “even under the most favorable circumstances, we will start the new budget year with a deep crisis in most areas”
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