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More than UAH 1 trillion will be directed to the army and security of the country in 2023

01 Nov, 2022
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More than UAH 1 trillion will be directed to the army and security of the country in 2023

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Yesterday, the Government approved and submitted to the Verkhovna Rada the updated budget for 2023, announced Prime Minister Denys Shmyhal during the session of the Cabinet of Ministers on November 1. 

"This will be a budget for victory, because more than UAH 1 trillion will be directed to the army and security of the country. Other key expenses are pensions, medicine and education," the Head of the Government noted.

At the same time, Denys Shmyhal noted that the 2023 budget will have an unprecedented deficit of $38 billion, so the Government is working on three directions to finance the budget deficit: programs with the United States, the European Union, and the IMF.

"We can earn only 50 kopecks from each hryvnia, which must be spent on the primary needs of Ukrainians. The rest is internal borrowing and external aid from our allies. Budget funds mainly go to the army and provision of social benefits," the Prime Minister noted. 

The Head of Government noted, negotiations are currently underway with the head of the European Commission, Ursula von der Leyen, regarding the EUR 18 billion macro-financial aid program. It is planned to attract similar amounts from programs with the USA and the IMF.


The Odessa Journal

The Odessa Journal

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