Ukraine to boost defense budget with billions of dollars
In a bid to strengthen its defense sector, the Ukrainian government has allocated an additional $12 billion, focusing on new weaponry, military salaries, and infrastructure.
The Ukrainian government has approved a draft law to increase state budget expenditures on state defense.
The draft law involves an increase in the financial support for the security and defense sector by nearly $12 billion, the Ukrainian government press service reports.
In particular, funds will be allocated for weapons, fortification, and military personnel salaries.
Specifically, $8 billion will be directed to the Defense Ministry, most of which will be transferred to support military personnel and to pay families of fallen soldiers or those who received wounds.
More than $1 billion will be allocated to purchase and modernize weapons, military equipment, and ammunition, and $100,000 will be directed to logistics support.
Additionally, over $900 million will be allocated to the Armed Forces of Ukraine and the State Special Transport Service to construct fortifications.
To implement the additional funding for the security and defense sector, the Ukrainian parliament will soon consider the government’s draft law on revising Ukraine’s State Budget for 2024.
In 2024, Prime Minister of Ukraine Denys Shmyhal announced that the government had already allocated over $12 billion for the country’s defense since the beginning of the current year.
In May, Defense Minister Rustem Umerov stated that the Defense Ministry is working with the Ukrainian government to allocate additional funding for procuring weapons.
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