The Secretariat of President Viktor Yuschenko has calculated that the national budget deficit will grow to UAH 60 billion by the end of 2009 if the government continues its current fiscal policies. Ukrainian News learned this from a statement by the presidential press service.

"The size of the national budget deficit on general fund will hit nearly UAH 40 billion by the end of this year, and the deficit of the state budget on the whole will grow to over UAH 60 billion," the statement reads.

The statement reads that the current level of proceeds to the revenue part of the national budget has been achieved for transfers by the National Bank of Ukraine in the January-April 2009 of UAH 4.404 billion or 109% of the target for the entire 2009.

"Thus, in reality the national budget on revenues to the general fund has not been fulfilled in the first half of 2009," the statement reads.

In the opinion of the Secretariat, the major trends of the budget policies of the government in June and previous months of this year included the following: the essential reduction of plan of revenues to the general fund, the practice of advance collection of taxes, protraction with the VAT reimbursement.

As Ukrainian News earlier reported, the State Tax Administration has reported executing the plan on proceeds to the national budget by 101.9% in the first half of 2009.

The State Treasury has reported the execution of the national budget on revenues by 103.6% in the January-June 2009 period.

The Finance Ministry has reported the execution of the national budget with deficit of UAH 2.7 billion in the January-May 2009 period.


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