“Plus” half a trillion for defense: the Council committee supported the project of budget changes
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The Budget Committee recommended that the Verkhovna Rada adopt draft law No. 9105 as a basis and as a whole, which proposes to increase defense budget expenditures by UAH 537.2 billion.
About this reported representative of the Cabinet of Ministers in the Verkhovna Rada, Taras Melnychuk.
The draft law, which was previously approved by the government, proposes to increase budget expenditures by UAH 537.2 billion. Funds will be distributed as follows:
- UAH 518.2 billion will lead to an increase in spending on the national security and defense sector. Most of these funds will go to the financial support of military personnel;
- UAH 19 billion will be directed to the replenishment of the Reserve Fund of the budget. At least UAH 3 billion of this amount will be paid for one-time cash assistance to the families of fallen military servicemen and policemen, and UAH 2 billion will be paid for the construction of fortifications.
It is proposed to determine the sources of coverage of such additional expenses:
- UAH 419.3 billion – an increase in the state budget deficit, i.e. actually due to internal and external borrowing;
- UAH 60.7 billion – an increase in budget revenues due to an increase in the income of personal income tax, VAT on manufactured goods and part of the net profit of state banks;
- UAH 50.3 billion – reduction of expenditures on servicing the state debt;
- UAH 6.9 billion – reduction of costs for providing state guarantees.
Record military spending in 2023. What is the government going to do?
We remind you:
The Cabinet of Ministers on Monday, March 13, supported draft law on increasing state budget expenditures by 537 billion hryvnias.
Previously EP wrote, that the amount of funding for the army laid down in the state budget law is not final and should cover the needs of the Defense Forces in the first half of the year. After that, the government will make changes to the estimate, as it did in 2022.
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