As Kyiv directs resources toward the war effort, lawmakers in Ukraine approved a government budget for 2024 on Thursday that calls for half of all state spending to go toward defense.
Since the start of the war, both Moscow and Kyiv have significantly increased their military spending, stepping up the manufacturing of weapons and ammunition in anticipation of a protracted battle.
Nearly 1.7 trillion hryvnia, or roughly $47 billion, will be spent on defense, roughly the same amount as in 2023, according to the financial ministry of Ukraine.
This is about half of the nation’s budgeted expenditures of $93 billion, which is more than the sum spent on healthcare, social welfare, and education put together.
To maintain its economy throughout the conflict, Ukraine has mostly depended on financial assistance from the International Monetary Fund and Western allies like the United States.
About the same amount as the IMF projected it would require in 2023, it stated that it would require $41 billion in external assistance to pay for ongoing expenses in 2019.
“The priorities of the state budget are clear. Strengthening defence capability, protecting the population, supporting veterans, raising social standards and economic recovery,” the finance ministry said.
“We will have more drones and our own weapons to win in a quick manner,” it added.
President Volodymyr Zelensky said in an evening address Monday that budgetary resources would be allocated to achieving “victory”.
“We all see people demanding that budget resources be allocated to help the defence rather than to paving and repairing streets,” Zelensky said.
“This is the right thing to do. All resources should be used to make Ukraine stronger,” he added.
