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- October 16, 202612°
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- October 16, 202612°
Ukraine minister expects economy to lose up to $10 billion
Ukraine’s Minister of Economy and Environment, Aleksandr Kravchenko, said the country’s economy could suffer losses of up to $10 billion this year. The budget deficit could delay social payments, while the government is considering raising value-added tax from 20% to 21%.
Minister of Economy and Environment Aleksandr Kravchenko said expected losses in Ukraine’s economy could reach $10 billion this year, adding that businesses are going through a difficult period.
Kravchenko also said the government is considering raising value-added tax from 20% to 21%.
Budget deficit could delay social payments
Ukrainian Finance Minister Serhiy Marchenko warned that the budget deficit could cause delays in social payments. Marchenko said the country’s most difficult budget situation since 2022 could lead to cuts in nonmilitary spending.
Ukraine has been preparing its budgets with record deficits in recent years and plans to cover the shortfall with aid from the West. This year’s budget was approved with a deficit of 1.9 trillion hryvnias, or $45 billion.
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