The additional deficit of the general fund of the national budget for 2009 may be Hr 35-40 billion because of a shortfall in budget revenues, says the Ukrainian presidential secretariat
“Over the last quarter of the year,Hr 76.565 billion, or 41.6% [of the annual target], is to be transferred to the general fund of the national budget. Taking into account the current trends seen in collecting tax and duties, the said target is unlikely to be met and its deficit could be at leastHr 35-40 billion,” reads a statement on the president’s Web site.
According to the statement, January through September 2009, the national budget collectedHr 131.944 billion in revenues, including VAT refunds and without budget organizations’ own funds, or 102.7% of the target figure set for that period. The general fund of the national budget in the nine months received Hr107.416 billion, or 100.2% of the period’s target.
However, the statement reads, the overfulfillment of the budget revenues was achieved due to the adjustment of target figures: in September, the target figure was reduced byHr 5.922 billion, or 40.1%, compared to the originally set monthly revenue plan of the budget’s general fund. In the nine months, the revenue plans of the budget’s general fund have been cut by Hr 22.955 billion, or 17.5%.
“Without the corresponding adjustments and without legislative amendments to the revenue side [of the budget], the budget for January through September 2009 would have been executed at 82.5% and in September alone at 60%,” reads the statement.
