✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

Ukraine government approves 2025 draft budget, PM says

Published 09/13/2024, 02:08 PM
Updated 09/13/2024, 02:51 PM
© Reuters. FILE PHOTO: Ukraine's Prime Minister Denys Shmyhal speaks during a forum 'Ukraine 2024 Independence', amid Russia's attack on Ukraine, in Kyiv, Ukraine August 27, 2024. REUTERS/Valentyn Ogirenko/File photo

(Reuters) -Ukraine's government has approved the 2025 draft budget, which has a strong focus on defence spending, Prime Minister Denys Shmyhal said on Friday.

Shmyhal, writing on the Telegram messaging app, said the draft, to be submitted to parliament, provided for 2 trillion hryvnias ($48.2 billion)in revenues and 3.6 trillion hryvnias in expenditures.

The draft, put together 2-1/2 years into the Russian invasion of the country, also included a provision of 2.22 trillion hryvnias ($53.5 bln) for defence.

Shmyhal said preparations in drafting the budget, the third since the start of the invasion, had been completed "despite all the challenges and uncertainty".

"The priority for this budget is very clear -- the country's defence and security," he wrote. "We will again direct all domestic resources to these objectives."

There would be, he said, "more money for Ukrainian weapons, equipment, drones."

More than 400 billion hryvnias would be allocated for social security, with funds for indexing pensions and providing subsidies and a total of 211 billion hrynias on health care.

© Reuters. FILE PHOTO: Ukraine's Prime Minister Denys Shmyhal speaks during a forum 'Ukraine 2024 Independence', amid Russia's attack on Ukraine, in Kyiv, Ukraine August 27, 2024. REUTERS/Valentyn Ogirenko/File photo

Local authorities would receive assistance and advantageous credits provided for entrepreneurs. Capital expenditure would be made more transparent and the government would press on with rebuilding projects and those in the energy sphere.

($1 = 41.3300 hryvnias)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.