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Ukraine’s budget allocates over $2 billion for arms production in 2024

The 2024 state budget of Ukraine provides $1,2 billion for the production of unmanned aerial vehicles and another $1,2 billion for the production of ammunition and weapons.
Ukrainian President Volodymyr Zelenskyy. Credit: Presidential Office
Ukraine’s budget allocates over $2 billion for arms production in 2024

Ukraine’s President Volodymyr Zelenskyy signed the law on the 2024 state budget of Ukraine.

According to the state budget, Ukraine’s revenues in 2024 will amount to 1,768 trillion Ukrainian hryvnias ($48,8 billion), while expenditures will amount to 3,35 trillion hryvnias ($92,9 billion). This means that the deficit of Ukraine’s budget for the next year is envisaged to be 1,57 trillion hryvnias ($43,6 billion).

External borrowings are envisaged at the level of over 1,5 trillion hryvnias (around $40 billion). The forecast for the GDP level is 4.6%. Inflation is set at 9.7%.

The 2024 budget also provides for expenditures for the development of the defense industry:

  • 43 billion hryvnias ($1,2 billion) for the production of unmanned aerial vehicles;
  • 43 billion hryvnias for the production of ammunition and weapons.

Funds for the national security and defense sector are covered exclusively by domestic revenues: taxes, customs duties, dividends of state-owned companies, privatization, and funds from the placement of domestic government bonds.

The rest of the expenditures fall within the budget deficit, which is envisaged at 1.57 trillion hryvnias ($43,6 billion). The state budget will be financed by external borrowings (1,67 trillion hryvnias or ($46,3 billion), placement of domestic government bonds (525,9 billion hryvnias or $14,6 billion), and privatization proceeds (4 billion hryvnias or $111 million).

Almost 470 billion hryvnias (over $10 billion) will be allocated for social protection. Nearly 15 billion hryvnias (around $416 million) will be allocated to support veterans, including 1 billion hryvnias ($27,8 million) for prosthetics for soldiers.

Spending on healthcare and education will amount to 201 billion hryvnias ($5,6 billion) and 69 billion hryvnias ($1,9 billion), respectively.

The Verkhovna Rada (Ukraine’s Parliament) adopted the state budget for 2024 on 9 November 2023. A total of 276 MPs voted in favor of the country’s main budget.

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