KIEV: The Ukrainian parliament on Friday adopted a budget for next year with a deficit of 3.7 percent of GDP, crucial for unlocking much needed aid from the IMF and Western countries.
The 2016 budget was passed after an acrimonious all-night debate and was finally approved by 263 lawmakers, about 40 more than the minimum required.
The cash-strapped and war-scarred country badly needs aid and the adoption of the budget is a key condition to secure the release of a delayed $1.7 billion (1.6 billion euro) tranche from the International Monetary Fund and other Western aid.
“The process was long and painful,” Finance …read more
Source: The Manila Times
