Ukraine plans major increase in defence spending in draft budget 2024
Russia-Ukraine war
With war against Russia grinding on in its second year, Ukraine is planning a big rise in budget expenditure for defence. The government on Friday (September 15) approved a draft budget for the next year. The country is counting on continued Western financial support to cover the expected budget deficit.
The draft 2024 budget has pegged the deficit at 1.548 trillion hryvnias ($42 billion). This is about 20.4 per cent of the country's gross domestic product.
More than half of budget spending in the next year is planned for the defence sector in order to fund the war against Russia.
"The key focus of this draft is defence and security of our country," said UkrainePrime Minister Denys Shmyhal. "This amount (defence spending) is 113 billion hryvnias more than this year. There will be even more weapons and equipment. More drones, ammunition, missiles," he wrote on the Telegram messaging app.
Ukraine's finance ministry said that defence spending was more than 21 per cent of griss domestic product. The spending includes provision of 48.1 billion hryvnias for purchase of drones.
Drones have been widely used by both sides in the ongoing war.
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The ministry also said that forecast for budget financing provides for reduction of the deficit to 20.4% of GDP from 27% in 2023.
Since the start of the war, Ukraine has received almost USD 62 billion in foreign aid from western countries. Ukraine's Foreign Minister Serhiy Marchenko said he was hoping for continued financial support from the West.
Public debt repayment is planned to be 606.5 billion hryvnias (USD 160 million) including 421.6 billion hryvnias (USD 110 million) to be spent on internal debt repayments and 184.9 billion hryvnias (USD 49 million) for external debt repayments.
Zelensky may visit US Congress next week: Report
Reuters reported citing a US official and more media reports that Ukrainian President Volodymye Zelensky was expected to meet US President Joe Biden and visit US Congress next week.
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The Washington Post and Punchbowl News have reported that Zelensky's US visit is tentatively scheduled for Thursday next week (September 21). Wall Street Journal has reported that Zelensky may meet US lawmakers.
Reuters said that Zelensky is expected to fly to Washington after his trip to New York for United Nations General Assembly (UNGA).
The visit will come amid President Joe Biden's appeal to US lawmakers for additional USD 24 billion aid for Ukraine and other international needs.
(With inputs from agencies)
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