Ukraine to increase defense spending in the coming year

Kyiv. Ukraine’s President Volodymyr Zelensky has signed a decree to increase defense spending in 2024, Ukrainian Interfax news committee said on Tuesday.
According to the order, Ukraine will spend at least 21.6% of the gross domestic product (GDP) on national defense.
The President’s decree, which made the decision of the National Security and Defense Council effective, states that next year, Ukraine’s defense spending will not be less than 16 trillion hryvnias (about 46 billion US dollars).
The said order of the President has instructed to give priority to the defense sector in the draft budget of 2024 based on the current military-political situation.
Ukraine’s 2023 budget envisages spending 18.2 percent of the gross domestic product (GDP), i.e. 11 trillion hryvnias (about 31 billion US dollars), on defense.RSS