Senior economist of Ukraine Economic Outlook Mykhailo Kukhar reported that the balance of funds on the single treasury account set a historical record of UAH 340 billion.
He reported this on Facebook, the Ukrainian News agency reports.
"I have known the figure of record balances on the Single Treasury Account for 3 years – and I did not have the right to make it public, because it was closed data. Although its meaning explains a lot, as you will see from this brief explanation," the economist wrote.
The balance on the Single Treasury Account (STA) is the funds paid in the form of taxes by Ukrainian entrepreneurs (enterprises, small, medium and large businesses), which have already been collected, withdrawn from the working capital of the economy and enterprises, but have not yet been used by the Treasury and the Ministry of Finance for state budget expenditures.
The balance on the ECR has always shown whether the state suffers from a lack of funds or has a "stable reserve".
"In our case, UAH 340 billion is a one and a half month reserve of tax and non-tax revenues to the budget that have not yet been spent. This is an unprecedented reserve of funds, incredible even for peacetime, not to mention war, when extraordinary unplanned expenses arise almost every month. Having such a reserve is a great art and professionalism of the Ministry of Finance in managing state finances, that's for sure," added Mykhailo Kukhar.
According to him, at the same time, one should not forget that the balance on the ECR is funds temporarily withdrawn not only from economic turnover, but also from the banking system of Ukraine.
As the Ukrainian News agency earlier reported, the Unified Treasury Account is a system of budget accounts of the State Treasury bodies, to which taxes, fees, and other mandatory payments to the state budget are credited, from which the State Treasury bodies make payments in favor of business entities that have performed work or services provided to budget managers.
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