Budget Revenues and Expenditures of Budgets of Ukraine in January-February 1998, mln UAH
Table 7
Major items Consolidated budget Including State Budget in January-February 1998 as a share of GDP, % in January-February 1998 as a share of GDP, % Total revenues, including 3326.2 25.5 1586.7 12.2 Tax revenues - total, 2502.6 19.2 935.8 7.2 Including: enterprise profit tax 784.9 6.0 - - personal income tax 477.5 3.7 - - payment for land 168.3 1.3 - - value-added tax 660.7 5.1 660.7 5.1 excise tax 122.7 0.9 102.9 0.8 local taxes and fees 55.2 0.4 - - Non-tax revenues - total, 229.8 1.8 147.3 1.1 Including: receipts from privatization of state-owned assets 70 0.5 51.1 0.4 stamp tax 50.3 0.4 34.5 0.3 State target funds - total, 581.5 4.5 433.1 3.3 Including: allocations to the chornobyl fund 222.0 1.7 222.0 1.7 Total expenditures, 34072 26.1 1706.7 13.1 Including: state administration 139.6 1.1 94.5 0.7 law-enforcement bodies and provision of security 156.3 1.2 138.4 1.1 spending on socio-cultural establishments and activities 1516.3 11.6 326.9 2.5 industry, power generation, construction 297.7 2.3 239.4 1.8 agriculture, forestry, fishing, and hunting 21.6 0.2 7.4 0.1 transport, roads, communications, telecommunications, and it 216.7 1.7 24.9 0.2 housing and public utilities 152.2 1.2 0.1 0.0 national defense 115.2 0.9 114.7 0.9 chornobyl relief fund 163.1 1.2 163.1 1.2 other targeted funds 49.2 0.4 47.1 0.4 Deficit 81.0 0.6 120.0 0.9
In January-February 1998, the deficit of the consolidated budget of Ukraine totaled UAH 81 mln (0.6% of GDP). To cover the deficit, an amount of UAH 120.7 mln was raised from external sources and another UAH 505 mln by way of internal borrowing.
It should be noted that the amount of the budget deficit calculated using the Ukrainian methodology significantly differs from that calculated using the methodology of international organizations because of the differences in accounting of proceeds from privatization, some kinds of loans, etc.
In March 1998, there was a leap in the budget deficit: the deficit of the consolidated budget (calculated using the methodology of the IMF); it grew by UAH 1,108 mln during one month and reached UAH 1,430 mln (6.7% of GDP). According to the Memorandum of the Ukrainian Government and the IMF, this index was to be restricted to UAH 650 mln. In early April, the Ukrainian Government agreed with the IMF mission's a new wording of the Memorandum, where the index of the consolidated budget deficit was increased to UAH 1.6 bln in the end of April.
Table 8
Ukraine's Balance of Payment, mln USD
1994 Total 1995 Total 1996. 1997 . . CIS and Baltic countries Other countries Total CIS and Baltic countries Other countries Total Account of current operations -1163 -1152 -1485 300 -1185 -2700 1365 -1335 Balance of commodities -2575 -2702 -4072 -224 -4296 -4978 773 -4205 export of commodities 13894 14244 8841 6706 15547 6841 8577 15418 barter . 4240 3090 3090 . import of commodities -16469 -16946 -12913 -6930 -19843 -11819 -7804 -19623 barter . -3196 -2760 -2760 . Balance of services 1209 1512 2839 335 3174 2478 191 2669 export of services 2747 2846 3508 1291 4799 3445 1491 4937 import of services -1538 -1334 -669 -956 -1625 -967 -1301 -2268 Factor incomes (%) -344 -434 -343 -229 -572 -393 -251 -644 % received 56 247 33 70 103 27 131 158 % paid -400 -681 -376 -299 -675 -420 -382 -802 Current transfers 547 472 91 418 509 193 652 845 receipts 583 557 135 484 619 220 722 942 disbursements -36 -85 -44 -66 -110 -27 -70 -97 Account of operations with capital and financial operations 735 878 -1021 1967 946 -890 3010 2120 Capital transfers 97 6 0 5 5 0 0 0 Direct investments 151 257 88 438 526 53 528 581 direct investments in Ukraine 159 267 88 433 521 56 567 623 direct investments from Ukraine -8 -10 0 5 5 -3 -39 -42 Portfolio investments . 4 40 158 198 98 1505 1603 domestic securities . 16 39 160 199 104 1501 1605 foreign securities . -12 1 -2 -1 -6 4 -2 Other investments 1033 1099 -1149 2239 1090 -1041 1360 319 medium- and long-term credits 21 3506 -570 1710 1140 -695 1720 1025 new credits granted to Ukraine 1586 4561 0 1951 1951 0 1950 1950 servicing of formerly granted loans -1565 -1055 -570 -241 -811 -695 -230 -925 Short-term capital . 808 -383 756 373 -70 11 -59 increase in inter-bank credit granted to ukraine . 220 146 47 193 -48 8 -40 decrease in inter-bank credit granted to ukraine . 12 -157 -2 -159 -272 -47 -319 increase in foreign deposits in ukraine . 504 316 56 372 -65 54 -11 increase of ukrainian credits abroad . -340 -404 655 251 -115 -593 -708 increase in indebtedness of Ukraine . 614 131 0 131 138 727 865 increase in indebtedness due to ukraine . -202 -415 0 -415 292 -138 154 Other short-term capital . -3215 -196 -227 -423 276 -371 -647 Official reserves (- means increment) -546 -488 0 -873 -873 0 -383 -383 Mistakes and omissions 428 274 . . 239 . . -785
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