PM says Ukraine needs extra $15 billion to cover 2025 budget gap
Tweet
Share
E-mail
FILE PHOTO: Ukraine's Prime Minister Denys Shmyhal attends a meeting with U.S. Secretary of State Antony Blinken at the Prime Minister's office in Kyiv, Ukraine May 14, 2024. BRENDAN SMIALOWSKI/Pool via REUTERS/File Photo
KYIV (Reuters) - Prime Minister Denys Shmyhal said on Tuesday that Ukraine needed an extra $15 billion to cover its budget deficit in 2025.
He said that Ukraine estimated the total budget gap for next year to be $35 billion, with plans in place to cover $20 billion. The deficit was about $38 billion in 2024, according to Ukrainian government estimates.
Shmyhal said the government planned tax increases and more borrowing on the domestic debt market to raise additional funds for its war against Russia. Parliament is due to debate these proposals in September.
As part of efforts to raise additional funds, the prime minister also pledged to work to reduce the shadow economy and boost tax revenues.
Ukraine has received about $100 billion of financial support from its partners since the start of Russia's full-scale invasion in 2022, he added.
(Reporting by Olena Harmash; Editing by Kevin Liffey and Alex Richardson)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ICE agent charged with lying over Minnesota shooting, source says
- BASF sues Apple in US for allegedly infringing its face authentication patents
- Volkswagen board approves turnaround plan, flags 50,000 possible job cuts across group
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
