The Ukrainian Government’s Draft Budget for 2024 Reveals a Deficit of 1.55 Trillion Hryvnia
The Ukrainian government has prepared a draft budget for 2024 with a deficit of 1.55 trillion hryvnia (about $42 billion), which is half of the planned spending.
Details of the Budget
Prime Minister of Ukraine Denis Shmygal wrote in his Telegram channel on Friday that the government has adopted a draft budget for 2024. The budget includes revenues of 1.56 trillion hryvnia ($42.6 billion) and expenses of 3.108 trillion hryvnia ($84.9 billion).
Increased Military Spending
Shmygal stated that more than half of the budget (1.685 trillion hryvnia or $46 billion) for the next year will be allocated to military spending. This amount is 113 billion hryvnia ($3 billion) higher than the current year.
Allocation of Funds
According to Shmygal, all tax revenues will be used to cover military expenses, while 469 billion hryvnia ($12.8 billion) will be allocated solely to expenses in the social sphere.
Financing the Budget Deficit
Experts are curious about the sources of financing the Ukrainian budget deficit, speculating that it may rely on support from the West.