The International Monetary Fund (IMF) forecasts that the deficit of Ukraine's state budget for 2011 will not exceed 3.5% of GDP, IMF Resident Representative in Ukraine Max Alier said at the fifth annual conference organized by the Adam Smith Institute, entitled "Ukrainian Banking Forum."

He said that the revenues and expenditures of the national JSC Naftogaz of Ukraine should be balanced in 2011. According to Alier, Naftogaz's deficit stood at 2.5% of GDP in 2009, in 2010 it is expected to reach 1% of GDP, and the task for 2011 is the company's deficit-free balance.

In addition, among the tasks of the Cabinet of Ministers the IMF representative named the settlement of problems with VAT reimbursement and further stabilization in the country's fiscal sphere.

According to the National Bank of Ukraine, the budget deficit in 2010 will be around UAH 107 billion (UAH 7.93 / USD 1). "The deficit of the total budget will be 5.5% of GDP, including 1% as the deficit of Naftogaz, 1.8% as the recapitalization of the banking system (if it is not conducted this year, the funds allocated for this goal could be spent next year ), and 1.5% as VAT bonds," the NBU said.

The deficit of Ukraine's state budget for 2010 is expected at UAH 54.095 billion. The revenues of the state budget are planned at UAH 252.751 billion, including UAH 210.088 billion as the revenues of the budget's general fund, while state budget expenditures are projected at UAH 305.666 billion, including UAH 240.984 billion as the expenditures of the budget's general fund.

UKRINFORM