Ukraine to spend at least 21.6 pct of GDP on defense in 2024

Ukrainian President Volodymyr Zelensky has signed a decree to spend at least 21.6 percent of the country’s gross domestic product (GDP) in 2024 on national defense, the Interfax-Ukraine news agency reported Tuesday.

The presidential decree, which put into effect the decision of the National Security and Defense Council, stipulates that Ukraine’s defense spending next year will reach no less than 1.69 trillion hryvnia (about 46 billion U.S. dollars).

The document instructed the government to prioritize the financing of the defense sector in the 2024 state draft budget based on the current military-political situation. Ukraine’s 2023 budget envisages that it will spend 1.14 trillion hryvnia (about 31 billion dollars) or 18.2 percent of GDP on defense.

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