Ukraine Prepares 2024 Budget with $42 Billion Deficit: Military Spending to Rise

The Ukrainian Government Prepares Draft Budget for 2024 with a Deficit of 1.55 Trillion Hryvnia


The Ukrainian government has prepared a draft budget for next 2024 with a deficit of 1.55 trillion hryvnia (about $42 billion), which is half of the planned spending.

Details of the Draft Budget

Prime Minister of Ukraine Denis Shmygal wrote in his Telegram channel on Friday: “The (Ukrainian) government adopted a draft budget for 2024 with revenues of 1.56 trillion hryvnia ($42.6 billion) and expenses of 3.108 trillion hryvnia ($84.9 billion).

Increased Military Spending

He added that more than half of the budget (1.685 trillion hryvnia, or $46 billion) next year will be spent on military spending, which is 113 billion hryvnia ($3 billion) more than this year.

Allocation of Funds

He noted that all tax revenues will be used to cover military expenses, while 469 billion hryvnia ($12.8 billion) will be allocated only to expenses in the social sphere.

Financing the Budget Deficit

Experts wondered about the sources of financing the Ukrainian budget deficit, expecting that this step would fall on the West.

Source: TASS

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