Ukraine's international reserves at the end of 2024 increased from $40.5 billion to $43.7 billion, with unprecedented balances on the Unified Treasury Account amounting to 264 billion UAH, of which 163.5 billion UAH is in foreign currency, reported Daniil Hetmantsev, head of the parliamentary committee on finance, tax, and customs policy.
"The state debt stands at approximately 6.7 trillion UAH. We forecast inflation at 12% in December, followed by a slowdown in the second half of 2025 to around 7%," he wrote after a meeting with Prime Minister Denys Shmyhal and the financial and economic block regarding budget execution and key indicators of economic and social development on Wednesday.
As reported, inflation in 2023 decreased to 5.1% from 26.6% in 2022, while Ukraine's total state debt rose by 1.44 trillion UAH, or 35.4%, to 5.52 trillion UAH in 2023.
The committee head reminded that in total, in 2024, the budget received $41.7 billion in international aid, including $9.2 billion, and a record was achieved in attracting funds in the internal government bonds market (OVGZ) – 638.4 billion UAH, although the rollover has objectively decreased.
Additionally, Hetmantsev specified that the State Tax Service exceeded the increased revenue plan by 104 billion UAH, while customs fell short of the indicative target by 6%.
"The budget execution is short by 35.2 billion UAH in the general fund, and the responsibility for this fully lies with the managers… Among the concerning factors is the decrease in foreign direct investment," the committee head also noted.
As reported, the Verkhovna Rada in mid-September increased the revenues of the state budget for 2024 by 143.0 billion UAH – to 1 trillion 911.5 billion UAH (excluding grants), expenditures by 427.6 billion UAH, to 3 trillion 736.6 billion UAH, and the maximum deficit by 274.6 billion UAH, to 1 trillion 846.1 billion UAH.
For the general fund, the growth of revenues for the state budget-2024 amounted to 154.2 billion UAH – to 1 trillion 750.8 billion UAH (excluding grants), expenditures – 438.8 billion UAH, to 3 trillion 547.0 billion UAH, and the maximum deficit – 274.6 billion UAH, to 1 trillion 783.7 billion UAH.
According to operational data from the Ministry of Finance, the general fund of the state budget in 2024 received about 2.2 trillion UAH, which is 0.54 trillion UAH, or 32.5%, higher than the 2023 figure, including grants amounting to 453.6 billion UAH.
Overall, by the end of 2024, more than 3.1 trillion UAH was received in the general and special funds of the state budget, which is 16.1% above the 2023 figure of 2.67 trillion UAH.