Ukraine’s parliament approves 2023 budget, inflation estimated to reach 28 pc

Kyiv: The Ukrainian parliament approved the state budget for 2023, Prime Minister Denys Shmyhal said.

Ukraine’s revenues for 2023 are set to reach about 1.3 trillion hryvnias (about 35.5 billion US dollars), while state expenditures would amount to 2.6 trillion hryvnias (about 71 billion dollars), reports Xinhua news agency.

The prime minister, in a Telegram post, said defense expenditures will be the key priority in the budget, accounting for 43 per cent of the total spending.

Ukraine hopes to cover its budget deficit mainly by using the support from its international partners, namely the European Union, the United States and the International Monetary Fund, he added.

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According to the report, the Ukrainian economy is projected to grow 3.2 per cent next year, and inflation will stand at 28 per cent.

The Ukrainian government has estimated that the country’s economy will shrink by 32 per cent this year, and inflation will reach 29.3 per cent.

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