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Zelensky signs 2024 state budget

by Nate Ostiller November 28, 2023 9:09 PM 2 min read
President Volodymyr Zelensky on the phone on Nov. 28, 2023. (President of Ukraine)
This audio is created with AI assistance

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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