The Ukrainian government requires another $5 billion each month to avoid steep budget cuts, a senior lawmaker has said, appealing for more assistance from foreign countries despite billions in aid already provided by the US and its European allies.
The head of Kiev’s parliamentary Committee on Finance, Tax and Customs Policy, Danylo Hetmantsev, addressed the looming shortfalls in comments to local media on Tuesday, highlighting mounting economic troubles linked to the conflict with Russia.
“We have to borrow $5 billion monthly. If we do not get it, we will have to cut spending,” he said. “We have no potential in the economy to raise taxes. We cannot do without the help of our partners as long as the fighting continues.”
The government collected around $3.4 billion in taxes last month, but spent more than $8.4 billion in the same period, the official added.