Ukraine to spend $27bn+ on defence and security in 2023
In 2023, the Ukrainian authorities plan to allocate over 1 trillion Hryvnias (more than $27bn) for defence and security needs, TASS reports with reference to a comment by President of Ukraine Volodymyr Zelenskyy following his meeting with the Head of Government, Minister of Finance and Deputy Head of the President's Office on the draft state budget for next year
According to The Wall Street Journal, Ukraine's budget deficit due to military spending amounts to about $5bn per month, which is why the country is experiencing difficulties with fulfilling social obligations. Expenses related to the conflict account for about 60 percent of the budget, while tax collections cover only 40 percent of state spending.
According to preliminary data, Ukraine's GDP will decrease by 30 percent by the end of 2022, but Kiev expects to eliminate this gap by receiving external assistance.
