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27 Oct, 2022 21:12

Ukraine adds billions to its military budget

Ukrainian President Vladimir Zelensky has signed a decree adding $10.5 billion to the country’s military expenditure
Ukraine adds billions to its military budget

Ukrainian President Vladimir Zelensky has introduced several amendments to the country’s 2022 budget, which raises the maximum limit on state internal borrowing and national debt and offers a significant boost to the nation’s defense expenses.

The new budget was published on the Ukrainian parliament’s (Rada) website on Thursday and states that a total of 386.9 billion Ukrainian hryvnas ($10.5 billion) would be allocated to the country’s national security and defense sectors.

The bulk of the funds, some $9.9 billion, will go to the Ministry of Defense, while the rest will be split up between the Ministry of Internal Affairs, Security Service, Main Intelligence Directorate, Foreign Intelligence Service and others.

It’s noted that the government has already started work on implementing budgetary procedures to ensure the use of these additional funds for the country’s defense and national security sectors.

The announcement comes after Ukrainian MP Yaroslav Zheleznyak announced earlier this month that Ukraine had already spent its entire yearly budget amid the ongoing military conflict with Russia, while presidential aide Aleksandr Rodnyansky stated that Ukraine now needs between four and five billion dollars a month to keep its budget afloat.

In an article published by German media group Funke on Tuesday, Rodnyansky stated that Kiev expects the EU to cover roughly half of that sum – some $2 billion per month.  He also insisted Ukraine needed to get additional aid such as “thermal clothing, emergency power and diesel generators” after Russia carried out a series of attacks on Ukrainian energy infrastructure.

“We believe that Germany could take on about $500 million a month,” Rodnyansky told Funke, stressing that it would be especially necessary next year. “The state has to function, pensions have to be paid.”

Ukrainian Prime Minister Denis Shmigal has put the total cost of repairing the country’s lost infrastructure and modernizing areas unaffected by the conflict at around $750 billion. The World Bank and the US have stated they believe the price to rebuild Ukraine was significantly lower, at around $350 billion, according to Funke.