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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 […]
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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 […]
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Ukraine's foreign budget support surpasses $100 billion since start of full-scale war
Since the start of Russia's full-scale invasion in February 2022, Ukraine has received over $100 billion in foreign-backed external financing to support Ukraine's state budget, the country's finance ministry announced on Nov. 15. In addition to military aid to support Ukrainian military efforts along its eastern border, Western countries and institutions have helped to finance […]
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Ukraine receives $100 million loan for budget expenses from South Korea
Ukraine has received $100 million as part of a loan from South Korea for budget assistance, the first time the country is providing aid to Ukraine's state budget, Prime Minister Denys Shmyhal said on Nov. 29. According to Shmyhal, the funds will be devoted to Ukraine's social sector by supporting budget expenses. In April of […]
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EU Defense Commissioner proposes $105 billion defense budget allocation, Politico reports
European Union Commissioner for Defense and Space, Andrius Kubilius, has proposed allocating 100 billion euros ($105 billion) for defense in the next seven-year EU budget, Politico reported on Dec. 8. This amount would be a significant increase from the current 10 billion euros allocated for the EU’s seven-year budget. Kubilius emphasized, in his interview with […]