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growth in May).
As we expected, the situation with budget collections improved in June. The significant growth of income from ownership and entrepreneurship was mostly due to the dividends paid by state-owned entities. In particular, Naftogaz (NAFTO) payments amounted to UAH39.6bn, while Privatbank transfers to the budget totalled UAH24.5bn.
At the moment, the growth of budget expenditures is moderate, which allows for keeping the budget balance under control. However, the situation might change in the coming months, as the authorities are likely to intensify budget-financed projects amid approaching local elections scheduled for Oct. 25.
42​ UKRAINE Country Report​ August 2020 ​ ​www.intellinews.com