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Ukrainian Parliament Adopts 2016 State Budget Meeting IMF Requirements
Ukrainian Parliament Adopts 2016 State Budget Meeting IMF Requirements
Sputnik International
The Ukrainian parliament (Verkhovna Rada) has adopted the state budget for 2016 with a deficit of 3.7 percent of GDP, which meets the requirements of the... 25.12.2015, Sputnik International
2015-12-25T02:15+0000
2015-12-25T02:15+0000
2015-12-25T02:37+0000
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Ukrainian Parliament Adopts 2016 State Budget Meeting IMF Requirements
02:15 GMT 25.12.2015 (Updated: 02:37 GMT 25.12.2015) The Ukrainian parliament (Verkhovna Rada) has adopted the state budget for 2016 with a deficit of 3.7 percent of GDP, which meets the requirements of the International Monetary Fund (IMF).
KIEV (Sputnik) – Over 260 Rada members voted in favor of the IMF-backed budget, with the document now going to Ukrainian President Petro Poroshenko for signing.
24 December 2015, 13:44 GMT
The adoption of the budget was one of the main conditions for the release of a $1.7-billion loan from the IMF to Ukraine.
Earlier, Ukraine's Minister of Economic Development and Trade Aivaras Abromavicius announced that the country’s cabinet had approved the 2016 budget.
25 December 2015, 00:47 GMT
The cabinet presented its long-awaited draft budget for 2016 to the parliament on December 11. Work on the 2016 budget went into overtime as the Ukrainian government and lawmakers grappled with divisions over tax reforms, due to come into force next year.
Lawmakers were opposed to the government’s plan of raising taxes to boost budget revenues and planned austerity measures. According to some deputies, the 12 percent pension and wage increase stipulated by the 2016 budget is not enough, as inflation in Ukraine is expected to be at least 30 percent next year.
