Parliament approves budget amendments, Yatsenyuk remains PM

UKRAINE - In Brief 31 Jul 2014 by Dmytro Boyarchuk
Today parliament approved two important decisions. The first one was approval of budget amendments which are critical for further IMF cooperation. The second one – MPs declined Arseniy Yatsenyuk resignation. Against this backdrop, we can claim that recent political crisis was resolved. Important, over the last week Yatsenyuk updated his budget amendments proposal. In particular, he reduced rent on oil and gas and to compensate losses imposed war tax (1.5ppt to personal income tax till the end of 2014). Also Prime Minister reduced spending on eastern regions rebuilding. Still the main outcome is that the central budget preserved the deficit initially agreed with the IMF (UAH 68.6 billion) and revenues side was strengthened with new quite realistic sources.

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