Skip to content
Edit post

Finance minister: Ukraine's budget lacks $5 billion for military spending

by Kateryna Denisova May 23, 2024 12:14 PM 1 min read
Ukraine's Finance Minister Serhii Marchenko at the Ukraine Recovery Conference in London, UK, on Wednesday, June 21, 2023. (Photo credit: Chris J. Ratcliffe/Bloomberg via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

There is a gap in Ukraine's state budget of $5 billion needed for military expenditures, Finance Minister Serhii Marchenko said in an interview with Hromadske Radio on May 22.

After the U.S. passed a long-awaited $61 billion aid package, the new funds covered Ukraine's social and humanitarian expenditures, Marchenko said.

"In practice, we have a big fiscal problem, an unresolved issue of military expenditures," Marchenko said.

Ukraine received minimal military assistance over the past six months from partners, which has put a strain on the budget in terms of additional military expenditures, according to the minister.

"At the moment, I think we can talk about a figure of about $5 billion... We are thinking about how we will cover it (the deficit) in the near future," Marchenko said.

Ukraine's $40 billion defense budget for this year includes $6 billion for arms procurement, Strategic Industries Minister Alexander Kamyshin said in April.

Kyiv received $1.5 billion in loans from the World Bank in late March. The private financing arm of the World Bank plans to invest $1.9 billion in projects in Ukraine over the next 18 months, Reuters reported in April.

Baltic countries to push for 2.5% of GDP defense spending minimum during NATO summit
The defense ministers of Lithuania, Latvia, and Estonia met in the Lithuanian town of Palanga on May 22 and agreed on their key goals ahead of the upcoming NATO summit, including an allied commitment to invest at least 2.5% of GDP in defense.
Before you skip this banner, we want to tell you something…

The Kyiv Independent doesn’t depend on a wealthy owner or an oligarch — in 2023, 80% of our revenue was from reader contributions . It’s thanks to them that we don’t have to rely on a single owner.

Support us now and help maintain our independent model and keep our articles free for everyone. Your contributions allow us to cover journalists’ salaries, report from the front lines, and fund projects like our War Crimes Investigations Unit.

visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.