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.
Martin Fornusek
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.
