The President signed a draft law on increasing the budget this year by UAH 500 billion for military needs

President Volodymyr Zelenskyi signed draft law No. 11417 on increasing the budget this year by 500 billion hryvnias for military needs.

This is stated in the project card on the Councilʼs website.

The draft law increases expenditures this year to a record 3.73 trillion hryvnias for Ukraine.

The document provides for the adjustment of the expenditure part of the state budget by 434.6 billion hryvnias, the increase of expenditures under separate budget programs by 500.3 billion hryvnias — of which for the security and defense sector — by 495.3 billion hryvnias, as well as the reduction of expenditures and the provision of loans for 65.7 billion hryvnias.

In addition, the document proposes to direct the remaining funds from the budget for restoration, construction, modernization, and arrangement, as well as to direct funds from the "Ukraine Tourism" enterprise and the "Ukrainian Institute of Intellectual Property" to the needs of the Main Intelligence Department of the Ministry of Defense of Ukraine.

It is planned to cover defense needs in the amount of 500 billion thanks to the reduction of expenditures on government bodies, expenditures on servicing and repayment of the state debt, as well as receiving additional funds from the placement of government bonds, revenue from excise taxes on fuel and tobacco, etc.

In addition, needs must be covered by increasing taxes — the corresponding draft law No. 11416d was voted on in the first reading on September 17. It should give 58 billion hryvnias in 2024 and 137 billion hryvnias in 2025.