September 15, 2017 / 3:36 PM / a year ago

Ukraine government approves 2018 draft budget in line with IMF targets

KIEV (Reuters) - The Ukrainian government on Friday approved a draft 2018 budget that foresees a deficit of 2.4 percent of gross domestic product, according to Prime Minister Volodymyr Groysman.

Ukrainian Prime Minister Volodymyr Groysman gestures during a news conference in Kiev, Ukraine April 11, 2017. REUTERS/Gleb Garanich

The budget deficit is in line with the fiscal targets of Ukraine’s $17.5 billion aid-for-reforms program from the International Monetary Fund, but it still needs to be backed by lawmakers in parliament.

Groysman said the budget was based on expectations the economy would grow 3 percent in 2018 versus a projected 1.8 percent this year.

Inflation is seen slowing to 7 percent from 11.2 percent in 2017, he said.

Reporting by Natalia Zinets; Writing by Alessandra Prentice; Editing by Jon Boyle

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