Finance minister: Doctors, service members, veterans are key priorities of 2022 draft budget.

The state budget for 2022 is a budget of investment in people, the country, and the future, and its priority is to support doctors, who are at the forefront of the fight against the coronavirus, as well as the military and veterans.

Finance Minister of Ukraine Serhiy Marchenko said this, presenting the draft law “On the State Budget of Ukraine for 2022” to the Verkhovna Rada, an Ukrinform correspondent reports.

According to the minister, the document is realistic and balanced, based on the forecast of further recovery of economic dynamics through the revival of consumer and investment demand.

“Real GDP growth is projected at 3.8%, the financial resource that the state expects next year is UAH 1,466 billion. If the Tax Code amendments (bill No. 5600) are passed, it will be possible to attract an additional UAH 30 billion,” Marchenko said.

According to the minister, the value added tax will secure more than 50% of the revenues of the state budget’s general fund (up UAH 72.5 billion compared to the target for 2021).

“We consistently continue taking measures to minimize VAT evasion schemes. Since May last year, we have managed to get an additional 40 billion hryvnias,” Marchenko assured.

Health, social protection, and education account for half of all planned budget expenditures, the minister said. In addition, 21% of the funds will be spent on the security and defense sector.

As reported, for the first time, the draft annual budget of Ukraine is based on the medium-term Budget Declaration for 2022-2024. The projected nominal GDP in 2022 is UAH 5,368.7 billion. At the same time, the budget deficit will drop to 3.5% against the expected 5.5% in 2021. The projected average annual exchange rate is UAH 28.6 per 1 U.S. dollar, the inflation rate is 6.2%, the level of expenditures on the security and defense sector is 5.95% of GDP, the average monthly salary is UAH 15,258 (UAH 17,500 in December 2022).

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