On September 18, Ukraine’s parliament, the Verkhovna Rada, voted to increase the state budget by Hr 500 billion ($12 billion) for defense and military purposes. The budget increase was supported by 298 lawmakers, with no votes against it. This year’s budget will reach a record Hr 3.73 trillion ($89.8 billion), according to MP Yaroslav Zhelezniak on Telegram.
The Verkhovna Rada’s Budget Committee had recommended the draft law for increasing defense spending earlier in September. Roksolana Pidlasa, the head of the Budget Committee, stated that the additional $12 billion will mainly be financed through issuing domestic government bonds and reducing expenses related to repaying the state debt.
Additionally, Hr 30 billion ($722 million) will come from tax revenue increases, while Hr 12.7 billion ($305.8 million) will come from an increase in the excise duty on tobacco and fuel. These measures are expected to provide the necessary funds for strengthening Ukraine’s defense and military capabilities.
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