Ukraine’s parliament approved a crisis national budget today but has no way to cover the deficit
The parliament members convened for an extraordinary session on April 13 amid the national lockdown, wearing masks and black rubber gloves in a hope to protect themselves from the coronavirus. Several of Ukraine’s MPs have been diagnosed with COVID-19 since quarantine measures kicked off in Ukraine a month ago.
The parliament also reduced privatization revenues from $450 to $18 million and capped salaries for civil servants, parliament members, judges, prosecutors and members of supervisory boards of state-owned companies at $1,700 - a move deemed populist by many economists. With the economy predicted to shrink 3.9% this year, Ukraine has little chance to fund the required expenditures without approving a special banking bill that would protect nationalization of state banks from legal challenge by their former owners.
This is a record number of Ukraine. It would take up to half a year to debate these fixes if the normal procedure is used in parliament.
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