Economy 2021-10-15T05:31:58+03:00
Ukrainian news
Lovochkin: Budget-2020 Bill Already Needs to Be Amended

Lovochkin: Budget-2020 Bill Already Needs to Be Amended

Serhiy Lovochkin, Opposition Platform - For Life, Budget-2020
Serhiy Lovochkin. Photo by
Serhiy Lovochkin. Photo by

The government is not able to handle the economic situation in the nation, and relevant conclusions must be made. This was stated by Opposition Platform - For Life MP Serhiy Lovochkin commenting on Finance Ministry’s information on income plan for the budget’s general fund falling 24.5 percent short of its January target.

"Last year, both governments would save up on social expenses and economy support funds in order to cover up their inability to execute the budget. However, this scheme will not work this year because the state budget revenue falls catastrophically short of the target. The failure to execute the January revenue plan by almost 25 percent speaks of a complete failure of the Cabinet’s economic block. We are facing a budget catastrophe, and the situation requires urgent measures: first, to immediately revise the budget-2020 bill and cut expenses for state and security agencies except for the army, and second, to make personnel conclusions out of this situation and strengthen the Cabinet’s economic section in terms of people," Lovochkin said.

The MP believes that poor customs collection performance (by 70 percent of the plan) clearly demonstrates the acting government’s inability to defeat smuggling and ‘grey’ imports.

The politician says that the administration has driven the nation into a dead-end: its failure to execute the budget results in less funds invested in support programs for manufacturing industry, and this in turn leads to even lower budget revenues. The entire state and its people have turned hostages to the Cabinet’s ignorant policy.

"We need new management for the economy, but we need new economic policy even more. It must be based on draft amendments to the budget proposed by Opposition Platform - For Life back in the fall of 2019. We must increase expenses for manufacturing industry development program as well as social expenses. This will allow revitalizing Ukraine’s economy and getting higher revenues from its manufacturing industry instead of receiving them from sales of government bonds and Eurobonds," Lovochkin said.

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