The Verkhovna Rada supported an increase in defense spending by UAH 500 billion

In the first reading, the Verkhovna Rada (the Ukrainian Parliament) supported the finalized government project No. 11417 on increasing budget expenditures by 500 billion hryvnias.

The MP from "Voice" Yaroslav Zheleznyak reported this.

301 MPs voted for the relevant decision.

According to the explanatory note, it is proposed to adjust the budget by UAH 434 billion, namely: to increase expenditures by UAH 500 billion (of which for the security and defense sector by UAH 495 billion) and to reduce expenditures and granting of loans by UAH 65.7 billion.

To cover additional expenses, it is planned to increase budget revenues by UAH 214 billion and budget financing by debt operations by UAH 220 billion.

The authors of the project note that its adoption will lead to an increase in the limit of the state budget deficit by 2.8% and the limit of the state debt by UAH 220 billion.

Zheleznyak notes that this version of the project also takes into account the receipts of UAH 125 billion from the tax increase project. However, at the end of August, this draft law was cut, and now it is expected to bring only UAH 30 billion this year. Changes are still planned to be made to the state budget project before the second reading.