Ukraine’s Defense Budget Tops UAH 500B Since Start of Year

24 May, 2024 2S22 Bohdana 155mm wheeled self-propelled gun. Photo credits: ArmyInform Since the beginning of the year, the Ukrainian government has already allocated more than UAH 500 billion (approximately £12.5 billion) for the country's defense.

This was announced by Denys Shmyhal, Prime Minister of Ukraine. "During this time, every taxpayer's hryvnia that entered the budget was immediately allocated by our Government to arms, drones, equipment, and providing for our military and their salaries," Shmyhal said. Shmyhal stressed that in 821 days of a full-scale invasion, one of the main achievements of the government is to ensure the financial stability of the state.

Over £85 billion in external funding has been raised during this time. At the same time, he stressed that the government can allocate funds from partner countries only for non-military purposes.

Production of the BTR-4E hull. Photo from open sources

"That is, the Government finances the defense campaign at the expense of taxpayers, as well as military bonds," Denys Shmyhal noted, adding that thanks to military and other bonds, more than UAH 1 trillion was raised for the budget.

This, according to him, made it possible for the Government to fully finance key budget expenditures. "Not a single month saw delays in the payment of pensions, subsidies, or other social assistance," said Denys Shmyhal. The Prime Minister noted that for four months of this year, UAH 187 billion was allocated from the budget for the social support of Ukrainian citizens.

In early May, Militarnyi reported that more than UAH 35.5 billion had been transferred from a special account opened by the National Bank of Ukraine for the needs of defense, and in April, the account was replenished by more than UAH 303 million.

Illustrative photo of DJI Mavic of the Armed Forces of Ukraine. Photo from open sources

As of May 1, 2024, the balance in the special account exceeds UAH 738 million. Over the past month, more than UAH 303 million was received for this account.

Since the beginning of the war, over UAH 36 billion has been received in the special account.

The funds were transferred by both citizens and enterprises of Ukraine and the international community, in particular from the USA, Great Britain, Germany, Sweden, Finland, Poland, Switzerland, Norway, Australia, France, Canada, Bulgaria, Hong Kong and many other countries in the world.

From abroad, more than UAH 15.9 billion.