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the areas of work is the involvement of projects with significant investments in the real sector of the economy. This year, ₴3B ($79M) has been earmarked for their support in the budget. The funds will be provided to investors who focus on production facilities for products with high added value," explained Deputy Minister of Economy Volodymyr Kuzyo. Entrepreneurs who implement projects with significant investments have the right to receive several types of support from the state, covering up to 30% of the investment project. In particular, this support includes the preferential right to use land plots, budgetary financing of engineering and transport infrastructure construction, tax benefits, and duty-free import of necessary equipment.
6.0 Public Sector 6.1 Budget
Since February 2022, international partners have provided Ukraine with $73.7B in direct budget support, Minister of Finance Serhii Marchenko said. He noted that this support has ensured the government’s stable public administration and provided full social and humanitarian expenditures from the state budget. Marchenko emphasized that the need for external financing in 2024 is more than $37B.
US Treasury Secretary reassures Ukrainian PM on $11.8bn of budget support. U.S. Treasury Secretary Janet Yellen reiterated in a video call with Ukrainian Prime Minister Denys Shmyhal on Jan. 23 that the Biden administration is committed to securing $11.8bn in direct budget support to Ukraine as part of the national security supplemental request before Congress.
Frozen Russian assets can cover 80% of Ukraine's reconstruction needs. Around $300bn of the Russian central bank assets were frozen in the West after Russia launched its full-scale invasion of Ukraine.
In 2023, military bonds brought more than ₴500B to the budget. Ukraine managed to raise more than ₴556.1B ($15B) from the sale of military bonds last year, according to the NBU website. And in almost two years, from March 2022 to December 2023, the state budget received ₴816.6B ($23.2B).
6.1.1 Budget dynamics - results
Tax and interest deductions from the economy for 2022-2023 in Ukraine doubled. For example, tax revenues to the consolidated budget have increased by 110% over the past two years, thanks mainly to revenue from the military’s personal income tax, and income from the interest charged by banks has increased by 90% during the ten months of 2023, writes the former chairman of the Council of the National Bank Bohdan Danylyshyn.
In January, Ukraine increased its tax collection by 7%. In January 2024, Ukraine’s budget received ₴154.9B. Total domestic revenues in January amounted to ₴140.3B. As the Ministry of Finance specified, the state budget's general fund received ₴111.7B in taxes, fees, and mandatory payments, which is 7%, or ₴7.4B, more than in January 2023.
54 UKRAINE Country Report February 2024 www.intellinews.com