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This week, the world watched in anticipation for Russia’s Victory Day parade after President Volodymyr Zelensky commented that he could not guarantee the safety of those attending. Meanwhile, the European Union moves one step forward to banning Russian gas from the European continent. It is also revealed this week that U.S. Secretary of Defense Pete Hegseth has fallen out of step with the White House.

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Zelensky signs 2024 state budget

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Zelensky signs 2024 state budget
President Volodymyr Zelensky on the phone on Nov. 28, 2023. (President of Ukraine)

President Volodymyr Zelensky signed the 2024 Ukrainian state budget into law on Nov. 28, following its passage in parliament.

State budget revenues were set at Hr 1.78 trillion ($49 billion), while expenditures were almost double, at Hr 3.35 trillion ($93 billion).

The primary item on the list of expenditures was funding for the military, at Hr 1.69 trillion ($46.4 billion), or roughly 22% of Ukraine's GDP.

Within the allocation for military spending, Hr 43 billion ($1.1 billion) was earmarked for the production of drones and an equal amount for the domestic manufacturing of arms and ammunition. Funding for the domestic defense industry would come from internal revenue, such as taxes and other sources.

In addition, Hr 15 billion ($413 million) would be allocated for veterans' services, including Hr 1 billion ($27.5 million) for prosthetics.

It also included funding for other domestic spending and social services.

The remaining expenditures would fall within the deficit, which was set at 1.57 trillion ($44 billion). The budget also entailed Hr 2 trillion ($55 billion) in external borrowing and internal government bonds.  

The budget was passed on a second reading by the parliament on Nov. 9, with 276 in favor, one against, and 22 abstentions.

The lone lawmaker who voted against the measure said that he did not think it included enough funding for the military.

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Nate Ostiller

News Editor

Nate Ostiller is a former News Editor at the Kyiv Independent. He works on special projects as a researcher and writer for The Red Line Podcast, covering Eastern Europe and Eurasia, and focused primarily on digital misinformation, memory politics, and ethnic conflict. Nate has a Master’s degree in Russian and Eurasian Studies from the University of Glasgow, and spent two years studying abroad at Kyiv-Mohyla Academy in Ukraine. Originally from the USA, he is currently based in Tbilisi, Georgia.

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