Revised Ukraine budget sees deficit at 7.5% of GDP, finance minister says

The Ukrainian government has revised its projected budget deficit for 2020 to 7.5% of the gross domestic product in new parameters agreed with the International Monetary Fund, Serhiy Marchenko said at a briefing on Wednesday.

The revised budget also envisages the economy to shrink by 4.8% due to the coronavirus pandemic.

Ukraine is hoping to secure a new IMF loan deal worth up to $8 billion, contingent on parliament passing reforms, but Ukraine is looking at ways of getting a more basic level of IMF support if that deal does not materialize, Marchenko said.