Ukrainian Prime Minister Viktor Yanukovych has stressed the need for a balanced budget for the following year. Thus, the budget remains at the level proposed in the first reading: 61 billion hryvnias. The Verkhovna Rada (Parliament) has approved Ukraine's state budget for 2004, projecting revenues of 60,7 billion hryvnias (11,4 billion euros) and expenditures of 64,2 billion hryvnias (12 billion euros), resulting in a deficit of 1,2% of GDP.
This was announced by Vladimir Litvin, Speaker of the Verkhovna Rada (State Assembly). All branches of the opposition have spoken out against it. In 2003, the state budget deficit must not exceed 1% of GDP. Parliament also ratified the maximum levels for external public debt as of December 31, 2004, at €8,855 billion (it must not exceed €8,701 billion as of December 31, 2003), and for domestic debt at 15,574 billion hryvnias (up to 14,931 billion hryvnias as of December 31, 2003). Domestic debt also includes the foreign currency portion, $1,317 billion, which has remained constant for several years, as the government postpones the repayment of these obligations to Natsbank annually.
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