• Monday, 23 December 2024

Zelensky signs law increasing Ukraine's military spending by $12bn

Zelensky signs law increasing Ukraine's military spending by $12bn

Kiev, 21 September 2024 (dpa/MIA) – The Ukrainian military is getting more money for the fight against the Russian attack under a new law signed by President Volodymyr Zelensky which had previously been passed by parliament.

Local media reported on Saturday that the new law increases military spending by 500 billion hryvnia (around $12 billion). The boost will be financed by loans, taxes and an increase in duties on tobacco and fuel. The increase is to be used to pay frontline allowances for soldiers this month.

The Verkhovna Rada – Ukraine's parliament – passed a supplementary budget on Wednesday in response to the ongoing war. This will increase budget spending by around 13% to the equivalent of over $90.5 billion – a record for Ukraine.

The country has been defending itself against a Russian invasion for more than two and a half years. Ukraine says it has received over $98 billion in financial aid from abroad since the war began in February 2022.

Photo: EPA