Ukrainian Government Presents 2024 Draft Budget with $42 Billion Deficit: Military Spending Takes Center Stage
The Ukrainian Government Presents Draft Budget for 2024
The Ukrainian government has prepared a draft budget for the upcoming year 2024, projecting a deficit of 1.55 trillion hryvnia (approximately $42 billion). This deficit amounts to half of the planned expenditure.
Key Budget Figures
Prime Minister of Ukraine, Denis Shmygal, announced in his Telegram channel on Friday that the draft budget for 2024 includes revenues of 1.56 trillion hryvnia ($42.6 billion) and expenses totaling 3.108 trillion hryvnia ($84.9 billion).
Increased Military Spending
Shmygal revealed that more than half of the budget for 2024, amounting to 1.685 trillion hryvnia (around $46 billion), will be allocated for military purposes. This represents an increase of 113 billion hryvnia ($3 billion) compared to the current year’s military spending.
Allocation of Funds
The Prime Minister emphasized that all tax revenues will be dedicated to covering military expenses. Additionally, 469 billion hryvnia ($12.8 billion) will be exclusively allocated to social welfare expenses.
Financing the Budget Deficit
Experts have raised questions regarding the sources of financing the Ukrainian budget deficit, speculating that this burden may fall on the West.