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Ukraine’s 2025 budget clears first reading, allocates $53 billion for defense

Ukraine’s proposed 2025 budget passed its first reading in parliament on Oct. 31, allocating approximately 26% of the country’s GDP to defense and military spending. “The priority of next year's budget will also be security and defense. All taxes paid by people and businesses will go toward strengthening our defenders and military capabilities,” Prime Minister […]

Ukraine

October 31, 2024

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Ukraine war latest: US announces $20 billion loan for Ukraine as part of G7 initiative

Key developments on Dec. 10: US announces $20 billion loan for Ukraine as part of G7 initiative Zelensky announces 'successful tests' of new Ukrainian missile 70% of Ukrainians support 'West German' model for NATO accession, survey shows Explosions heard in occupied Donetsk Oblast city, Russian proxies announce evacuation Confusion over Russian advances in Sumy Oblast, […]

Ukraine

December 10, 2024

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Hungary blocks EU sanctions changes, holding up $50 billion G7 loan package for Ukraine

The landmark decision to provide Ukraine with a $50 billion loan from the profits of frozen Russian assets has been held up after Hungarian Finance Minister Mihaly Varga announced the blocking of necessary changes to the European Union's sanctions regime on Oct. 8. During the June Group of Seven (G7) summit in Italy, G7 leaders […]

Ukraine

October 8, 2024

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British PM Starmer to press Biden to release $20 billion aid for Ukraine before Trump takes office, Telegraph reports

British Prime Minister Keir Starmer is preparing to press outgoing U.S. President Joe Biden to release a $20 billion aid package for Ukraine during next week’s G20 summit in Brazil, the Telegraph reported on Nov. 12. This would be the latest part of European power’s attempt to persuade Biden to step up help to Ukraine […]

Ukraine

November 12, 2024

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Biden administration to announce its final $1.2 billion Ukraine aid package under USAI, Reuters reports

The Biden administration is planning to announce in the coming days its final aid package under the Ukraine Security Assistance Initiative (USAI) worth around $1.2 billion, Reuters reported on Dec. 20, citing unnamed sources. The U.S. provided more than $60 billion in military aid to Ukraine under the Biden administration. The USAI is a Pentagon-led […]

Ukraine

December 20, 2024

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‘We believe that in 5 years, Ukraine's defense sector will attract half a billion dollars;’ Q&A with foreign defense investors

Ukraine has become a hotbed of defense innovation, as Russia’s deadly invasion fuels a rapid development of new battlefield technologies. Kyiv now aims to become a global leader in the defense sector, but with its economy drained by the war, it needs foreign investment to accomplish its goal. Ukraine has the capacity to produce around […]

Ukraine

October 9, 2024

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Ukraine's 2025 budget includes $1.3 billion for weapons production, minister says

Ukraine's budget for 2025 envisages Hr 55 billion ($1.3 billion) for weapons production, Strategic Industries Minister Herman Smetanin said on Nov. 12. Ukraine began actively developing its defense production after Russia's full-scale invasion in February 2022. Some Hr 54.55 billion ($1.3 billion) will be directly allocated for the development and implementation of new technologies, and […]

Ukraine

November 12, 2024

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IMF approves $1.1 billion in funding for Ukraine

The Executive Board of the International Monetary Fund (IMF) approved the disbursement of $1.1 billion in funds for Ukraine via the Extended Fund Facility (EFF), the IMF announced on Dec. 20. The funds represent the latest tranche of the EFF program, which will provide Kyiv with $15.6 billion in budget support over four years. The […]

Ukraine

December 20, 2024

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World Bank approves fund to facilitate G7's $50 billion loan for Ukraine, Reuters reports

The World Bank's executive committee approved on Oct. 10 the creation of a new fund to help fulfill the Group of Seven (G7)'s $50 billion loan, Reuters reported, citing sources. During the June G7 summit in Italy, G7 leaders publicly confirmed a deal on the plan to provide Ukraine with a $50 billion loan by […]

Ukraine

October 11, 2024

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European Commission approves $4.3 billion for Ukraine under Ukraine Facility program

The European Commission agreed to allocate 4.1 billion euros ($4.3 billion) to Ukraine under the Ukraine Facility program, European Commission President Ursula von der Leyen confirmed on Nov. 14. The decision must be approved by the EU Council before the transfer. "As we're approaching the 1000th day of Russia's atrocious war, we will help keep […]

Ukraine

November 14, 2024

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Ukraine receives $1.1 billion from IMF

Ukraine has received a $1.1 billion tranche from the International Monetary Fund (IMF) and will direct them to critical budget expenditures, Prime Minister Denys Shmyhal announced on Dec. 23. The funds come as already the sixth tranche disbursed to Ukraine under the IMF's Extended Fund Facility (EFF) program, raising the amount provided so far to […]

Ukraine

December 23, 2024

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US has provided Ukraine with over $64 billion in military aid since start of full-scale invasion, Umerov says

The U.S. government has provided Ukraine with military aid worth over $64 billion since the beginning of Russia's full-scale invasion in 2022, Ukraine's Defense Minister Rustem Umerov said on Oct. 21 at a joint press briefing with U.S. Defense Secretary Lloyd Austin. The Pentagon chief arrived in Kyiv earlier in the day in a surprise […]

Ukraine

October 21, 2024

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