Parliament fails to approve 2009 budget

Yesterday, Verkhovna Rada of Ukraine failed to approve the state budget for 2009. Deputies lacked three votes (226 required, 223 voted for) to approve the budget. Moreover, the parliament refused to revote for this particular project of the budget. Andrii Parkhomenko: The deputies’ refusal to revote the project increases the probability that the budget will not be approved through the yearend. As we commented in the news of December 18, 2008, the current budget project’s macroeconomic assumptions and projections of revenues and deficit are unreasonably optimistic.