PRESS RELEASE : President of Ukraine held a meeting with members of the government on the implementation of the state budget

The press release issued by the President of Ukraine on 6 April 2022.

President of Ukraine Volodymyr Zelenskyy held a meeting with members of the Cabinet of Ministers and representatives of the Office of the Head of State on the implementation of the state budget for the current year and the introduction of an embargo on trade with Russia.

According to Prime Minister Denys Shmyhal, in the first quarter the state budget was implemented by 110%. This was facilitated due to the results of the first two months of this year and advance tax revenues.

In the second quarter, according to the Prime Minister, a significant shortfall in Ukraine’s state budget is expected as a result of Russia’s military invasion.

The participants of the meeting discussed possible sources of filling the state treasury. In particular, it is donor assistance, special drawing rights from the IMF, etc.

In case of unfavorable developments, the possibility of temporary reduction of certain social expenditures starting from May is being considered. According to the participants of the meeting, in order to prevent the implementation of such a scenario, it is necessary to start the functioning of the domestic economy as soon as possible – both heavy industry and small and medium-sized enterprises.

The President instructed the government to formalize the cessation of Ukraine’s trade with Russia. In fact, import and export operations with the aggressor state were completely terminated with the start of the war.