Former Finance Minister Pynzenyk Forecasts Budget Shortfall Of UAH 35 Billion …

Former Finance Minister Viktor Pynzenyk has forecast that the shortfall of the state budget will amount to UAH 35 billion in 2012, Pynzenyk’s press service announced in a statement.

“UAH 35 billion – that is the assessment of the expenditures that will not be covered by budgetary revenues. This almost doubles the size of the approved deficit [of the state budget],” the statement says.

Pynzenyk said that fulfillment of the state budget would require generation of UAH 63 billion by the end of the year despite the fact that the budget revenues in the first 11 months of the year amounted to UAH 259.2 billion, with an average revenue of UAH 23.6 billion per month.

“One and a half [additional] months are not enough to fulfill the budget,” the statement said.

According to Pynzenyk, the State Tax Service almost failed to increase budget revenues in the first 11 months of 2012 (an increase of 1.6% over the same period in 2011), the State Customs Service increased budget revenues by 10.7%, the National Bank of Ukraine – by 103%.

“With the exclusion of the NBU, the general fund of the state budget received only 4.5% more revenues than it received in the same period of last year (while the budget projected a revenue growth of 21.2% over 2011),” the statement said.

Pynzenyk said that drafting the state budget for 2013 based on the revenue targets of 2012 was unacceptable because the targets were not met.

As Ukrainian News earlier reported, in recent months, the Ministry of Finance and the State Treasury Service had not divulged information about the percentage of the 2012 state budget’s revenues that were achieved each month, providing only information about expenditures.


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