The deficit of Ukraine's national budget in 2011 will be 4.5% of gross domestic product, Prime Minister Mykola Azarov told a meeting of the government committee for economic reforms, referring to the budget declaration draft.
"This size of the budget deficit was calculated proceeding from the need in spending on UEFA EURO 2012 preparations. 2011 will carry the heaviest financial and organizational burden of that effort," the head of government noted, UKRINFORM reported.
He informed that in 201 the government would focus on effective management of the state debt. Under the draft budget declaration, the limit volume of state debt will be kept at an economically safe level of maximum 40% of GDP.
Azarov also says in 2011 the tax burden on entrepreneurs will ease, with enactment of a new Tax Code. The new taxation policy will aim at encouragement of production, investments and innovations.
The Prime Minister also noted that the share of annual GDP forecast redistributed through the consolidated budget will not exceed this year's.
"This size of the budget deficit was calculated proceeding from the need in spending on UEFA EURO 2012 preparations. 2011 will carry the heaviest financial and organizational burden of that effort," the head of government noted, UKRINFORM reported.
He informed that in 201 the government would focus on effective management of the state debt. Under the draft budget declaration, the limit volume of state debt will be kept at an economically safe level of maximum 40% of GDP.
Azarov also says in 2011 the tax burden on entrepreneurs will ease, with enactment of a new Tax Code. The new taxation policy will aim at encouragement of production, investments and innovations.
The Prime Minister also noted that the share of annual GDP forecast redistributed through the consolidated budget will not exceed this year's.
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