The Ukrainian Government Prepares Draft Budget for 2024

The Ukrainian government has recently unveiled a draft budget for the upcoming year of 2024. The budget reveals a deficit of 1.55 trillion hryvnia (approximately $42 billion), which is only half of the planned expenditures.

Prime Minister’s Announcement

Denis Shmygal, the Prime Minister of Ukraine, shared the details of the draft budget on his Telegram channel. The budget estimates revenues of 1.56 trillion hryvnia ($42.6 billion) and expenses of 3.108 trillion hryvnia ($84.9 billion) for 2024.

Military Spending

A significant portion of the budget, amounting to 1.685 trillion hryvnia ($46 billion), will be allocated to military spending. This represents an increase of 113 billion hryvnia ($3 billion) compared to the current year.

Allocation of Funds

Prime Minister Shmygal emphasized that all tax revenues will be directed towards covering military expenses. Additionally, 469 billion hryvnia ($12.8 billion) will be allocated solely to expenses in the social sphere.

Financing the Budget Deficit

There is speculation among experts regarding the sources of financing the Ukrainian budget deficit. Many anticipate that this burden may fall upon the West.

Source: TASS