Ukraine’s lawmakers have approved a budget for the year 2024 that includes allocating half of the total government spending to defense, as Kyiv redirects its resources toward the wartime effort.
Both Kyiv and Moscow have significantly increased military spending since the outbreak of the conflict, ramping up arms and ammunition production as they prepare for a prolonged war.
According to the Ukrainian Ministry of Finance, around 1.7 trillion hryvnias (around $47 billion) will be allocated for defense, which is nearly the same amount budgeted for 2023.
This surpasses spending on education, social welfare, and healthcare combined and accounts for nearly half of the country's total planned expenditures of $93 billion.
Ukraine heavily relies on financial support from institutions like the International Monetary Fund and Western allies such as the United States to maintain economic resilience during the conflict.
Kyiv has estimated its need for $41 billion in external support to cover daily expenses next year, a figure consistent with the International Monetary Fund's projection for 2023.
The Ministry of Finance stated, "The state budget priorities are clear: strengthening defense capabilities, protecting the population, supporting veterans, raising social standards, and achieving economic recovery."
It added, "We will have more drones and specialized weaponry to achieve victory swiftly."
President Volodymyr Zelensky, in a Monday evening address, indicated that budget resources would be earmarked for achieving "victory."
He said, "We all see people calling for budget resources to be allocated to support defense instead of paving and repairing roads."
He continued, "This is the right thing to do. All resources must be used to make Ukraine stronger."
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