Ukraine's parliament approves draft state budget for 2023 at first reading

Yaroslav Zhelezniak, first deputy chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, said this in a Telegram post, Ukrinform reports.

Some 251 MPs voted for the document.

"The amendments were considered for two hours. As a result, nothing changed. Only two 'balance amendments' remained (those directly written out in the Committee's conclusion): +UAH 2 billion for the SFRD [State Fund for Regional Development] and +UAH 446 million for social protection of children and families," Zhelezniak wrote.

According to the explanatory note, the document foresees revenues at UAH 1.28 trillion and expenditures at UAH 2.57 trillion. The budget deficit is projected at 20% of GDP, which is to be covered by state borrowing in the amount of UAH 1.687 trillion. UAH 1.141 trillion, or 17.8% of GDP, is to be spent on national security and defense.