State budget law for 2016

State budget law for 2016



2 грудня 2015 года
ICU

Yesterday, the MoF published a draft of the 2016 state budget law, the delay of which has prevented the resumption of IMF lending. The budget process in Ukraine has been mired in controversy as two competing versions of the tax reform differed in regard to tax rates as well as revenues and expenditures. The draft law version released yesterday yields the lowest deficit out of the two versions, thus fulfilling IMF recommendations. It should be passed later this month, particularly as it promises a small primary surplus (in line with the IMF requirement) while expenditures (adjusted for inflation, excluding interest payments) meet or exceed the previous year's level. Overall, we consider this budget as optimal from a macroeconomic perspective. While politicians will debate the bill over the next two weeks in parliament, we expect it will be signed into law at the end of December so the next IMF tranche will arrive in late January or mid-February.

Источник: ICU

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