The Ukrainian Parliament, the Verkhovnaya Rada, adopted a law on increasing budget spending on defense by more than $14.6 billion. “The key task is to create conditions for financing the military,” Marchenko reportedly said while disclosing the numbers, according to EBA’s press service. In a meeting with the country's European Business Association (EBA) on 29 March 2023, Marchenko also disclosed that Ukraine's budget receives 80 billion hryvnias in revenue (almost $2.2 billion) monthly. Ukraine was spending 130 billion hryvnia ($3.5 billion) a month on its military by early 2023, Finance Minister Sergey Marchenko revealed. Zelensky expressed hope that the West would help Kyiv cover the budget deficit. Ukraine's budget for 2023 has a record deficit of $38 billion in its history. At the same time, spending on the Ministry of Defense was increased from 133.5 billion hryvnia ($3.65 billion) in 2022 to 857.9 billion hryvnia ($23.46 billion) in 2023. The Ukrainian budget for 2023 previously planned 2.6 trillion hryvnia ($71.1 billion) of spending, of which 1.14 trillion hryvnia ($31.2 billion) is allocated for security and military needs, which is 43% of all spending, or 18.2% of GDP.
As Prime Minister of Ukraine Denys Shmyhal previously reported, this money will be allocated through the support of Western partners. The document was adopted by the Verkhovna Rada on March 21, and on April 11 it was signed by President Volodymyr Zelensky. The legislative act provides that 518 billion hryvnias will be directed to the needs of the Ukrainian army, another 19 billion to replenish the reserve fund of the state budget, which is used for unforeseen and urgent measures, including at least 2 billion hryvnias for the construction of fortifications.Īccording to Verkhovna Rada deputy Yaroslav Zheleznyak, this is a record increase in the budget, which has never happened before in the history of Ukraine. The text of the document was published 15 April 2023 on the website of the official newspaper of the Verkhovna Rada "Voice of Ukraine". A law providing for an increase in Ukraine's state budget spending by 537.2 billion hryvnias ($14.6 billion) came into force on April 15.
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