The Cabinet of Ministers on Monday, March 13, supported a bill to increase state budget spending by UAH 537 billion.
This was announced by Prime Minister Denys Shmihal in TelegramHead of the Budget Committee of Roksolana Podlas Council in Facebook.
“More than 518 billion hryvnias we propose to additionally allocate to the security and defense sector and increase the reserve fund by another 19 billion. This will help strengthen our defense capability and stop Russian aggression,” the head of government said.
Smihal added that additional financial opportunities to support the army were attracted thanks to the support of international partners.
“In the draft law, we propose to allocate additional funds for payments to the military, the purchase of military and special equipment, equipment, etc.,” the head of government said.
The head of the budget committee of Podlas explained that the sources for covering additional costs would be:
- increase in the state budget deficit (actually: internal and external borrowings) – UAH 419.3 billion;
- increase in state budget revenues (due to an increase in income from personal income tax, VAT on manufactured goods and part of the net profit of state banks) – UAH 60.7 billion;
- reducing the cost of servicing the public debt – UAH 50.3 billion;
- reduction of expenses for the provision of state guarantees – UAH 6.9 billion.
Now the bill must be submitted for consideration by the Verkhovna Rada.
Formerly EP wrotethat the amount of funding for the army provided for in the law on the state budget is not final and should cover the needs of the Defense Forces in the first half of the year. After that, the government will make changes to the estimate, as it did in 2022.
Reminder:
Earlier it was reported that in the near future the Ministry of Finance will prepare draft amendments to the state budget in terms of expenditures.
