State Budget 2025: external support as a key factor of stability
31 August 11:17
TheAccounting Chamber has published the Conclusion on the results of the analysis of the implementation of the Law “On the State Budget of Ukraine for 2025” in the first half of the year. According to the results of the analysis, the auditors showed an increase in gross domestic product and state budget revenues. At the same time, based on the analysis of economic development, the auditors identified the risks of further loss of export earnings, increased imports of goods, as well as an increase in the negative trade balance and inflation due to a faster increase in producer prices compared to the consumer price index, etc.
This was reported by "Komersant Ukrainian".
The main results of the analysis and recommendations based on its results were announced by the Chairman of the Accounting Chamber Olga Pishchanska during the meeting of the Accounting Chamber on August 26.
The support of international partners and financial organizations contributed to the sustainability and filling of the state budget in the analyzed period, the volume of which increased by 56% to UAH 865 billion compared to the first half of 2024. At the same time, EUR 5 billion of aid was not received due to delays or incomplete fulfillment of obligations under the Ukraine Facility program and the International Monetary Fund.
In general, Ukraine’s international reserves increased by 2.9% and amounted to USD 45.1 billion as of July 01, 2025. THE AMOUNT OF INTERNATIONAL RESERVES INCREASED BY 9.9% TO USD 45.1 BILLION.
REVENUES
State budget revenues totaled UAH 1.9 trillion, which is 62% of the plan for the year (which is UAH 551 billion more than in the first half of 2024).
According to the Accounting Chamber, the revenues increased due to non-economic factors: the largest share of them is non-refundable aid from international partners (the share in the structure of international aid increased from 7.3% to 24.8%) and own revenues of budgetary institutions. This indicates a significant dependence of the state budget on external support.
Along with non-economic factors, economic factors also contributed to the increase in revenues. In particular, the devaluation of the hryvnia, an increase in wages and salaries for military personnel, inflation, and higher corporate profits and imports added about UAH 105 billion to state budget revenues.
The state budget deficit in the first half of the year amounted to UAH 546.0 billion, and public borrowing remained the main source of its financing (i.e., covering the deficit). At the same time, their volumes in the period under review were 12% lower than planned.
As for the proceeds from small-scale privatization of state property: in the first half of the year, they amounted to UAH 820 million, which is almost 22% less than in the same period last year. Of the three large-scale privatizations planned for sale, only one – Ukrbud Construction Company – was sold for UAH 805 million, but the state budget has not yet received the funds in the reporting period.
Thus, the total plan for all envisaged sources of financing of the state budget (borrowing and privatization) was not fulfilled by 19%.
