Ukraine allocates additional $12 billion for military needs

Ukrainian President Volodymyr Zelenskyy has signed a law approving the allocation of 500 billion hryvnias (over $12 billion) for military expenditures in 2024.

On September 18, the Ukrainian Parliament approved amendments to the state budget for 2024, enhancing financial support for the defence and security sector, Caliber.Az reports via foreign media.

Total expenditures for the year are set to reach a record 3.73 trillion hryvnias (approximately $90 billion).

Earlier, Prime Minister Denys Shmyhal announced that the government had proposed a draft state budget for the upcoming year, featuring a deficit of 1.6 trillion hryvnias ($38.6 billion).

Projected revenues are estimated at 2 trillion hryvnias (around $48 billion), while planned budget expenditures amount to 3.6 trillion hryvnias ($87 billion). Shmyhal emphasized that all domestic resources will be redirected toward defence and security, with defence spending expected to rise to at least 2.22 trillion hryvnias ($53.6 billion).