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Ukraine votes to reduce budget deficit to secure IMF funds

      RBC, 08.07.2010, Kiev 18:51:40.After a failed first attempt, the Ukrainian parliament adopted today a law on a budget deficit decrease from 5.33 to 4.99 percent in order to pass a new $14.9bn program with the International Monetary Fund (IMF). The document was passed by 256 deputies with only 226 required.

      In accordance with the government's initiative, the budget deficit was reduced by $462m - to $6.8bn. Meanwhile, in the first six months of the year, budget revenue dropped $1.7bn, including $1.3bn in revenue from VAT.

      In the first attempt, Communist Party deputies argued that they could not allow a decrease in social spending.

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