Ukraine increases defense spending by almost $12 billion in 2024

The government has increased defense spending by Hr 495.3 billion (nearly $12 billion), providing funds for all Ukraine's law enforcement agencies, the Defense Ministry announced on July 19.

"Financing the needs of Ukrainian forces is now a top priority. Additional funds for weapons, fortifications, and salaries for servicemen are a critical component of countering the military aggression of the Russian Federation against Ukraine," Deputy Defense Minister Yurii Dzhyhyr said.

According to the statement, Hr 373.7 billion (nearly $9 billion) will be allocated to the Defense Ministry, with 269.5 billion (nearly $6.5 billion) of this amount will be spent on military salaries and one-time financial assistance in the event of the soldiers' death or injury.

The government also allocated Hr 47 billion (nearly $ 1.1 billion) to purchase and modernize weapons, military equipment, and ammunition, and Hr 4.7 billion (nearly $113 million) will be spent on logistics.

More than Hr 40 billion (nearly $965 million) will be allocated for the construction of fortifications by the Ukrainian Armed Forces and the State Security Service, while Hr 8.9 billion (nearly $215 million) will be transferred for the needs of the State Special Transport Service.

Ukraine finances the country's defense sector through taxes and military bonds.

The state budget expenditures for the security and defense sector amounted to Hr 732.8 billion (nearly $17.6 billion) from January to May 2024, or 58.3% of the total expenditures, the Finance Ministry reported in June.

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The Kyiv IndependentNate Ostiller