Law on Ukraine's state budget for 2014 published in official newspapers

The deficit of Ukraine's state budget for 2014 has been set at UAH 71.56 billion, or about 4.3% of GDP, according to the law on the state budget 2014, which was published in the electronic version of the parliament's Holos Ukrainy newspaper on Tuesday, January 21.

According to the document, budget revenues in the final version were slightly increased compared to the original government version, from UAH 392.4 billion to UAH 395.3 billion, whereas the general fund's revenues were even reduced, from UAH 347.5 billion to UAH 345.46 billion.

State budget expenditures were approved at UAH 462.21 billion, and the general fund's expenditures were set at UAH 408.07 billion.

According to the published text, the repayment of loans to the state budget is projected at UAH 4.39 billion, including UAH 1.41 billion to the general fund, whereas the provision of loans is planned at UAH 9.05 billion and UAH 1.36 billion respectively.

The document obliges the National Bank of Ukraine to quarterly transfer at least UAH 5.7 billion to the budget and also reduces the amount of its total reserves to 5% of the NBU's monetary liabilities in comparison with the previous 10%.

The state budget for 2014 sets the maximum size of the state debt at the end of 2014 at UAH 585.48 billion compared to UAH 502.48 billion at the end of 2013.

According to the document, the government may grant state guarantees of up to UAH 50 billion.

The Verkhovna Rada adopted the law on the state budget for 2014 on January 16.

The official exchange rate on January 21 is UAH 7.9930/$1.