Ukraine’s parliament significantly increases defense spending

The Verkhovna Rada of Ukraine on Wednesday passed a law to increase the revenue and expenditure parts of the 2022 state budget by UAH 26.5 billion. Of these, UAH 16 billion was allocated for the Ministry of Defense to increase the state's defense capabilities and national security.

A total of 345 people's deputies voted for the relevant bill (№7012-d) "On Amendments to Law "On the State Budget of Ukraine for 2022," according to an Ukrinform correspondent,

The law provides for UAH 16 billion for the Ministry of Defense, UAH 6 billion for the Ministry of Internal Affairs, and UAH 587 million for the Main Intelligence Directorate of the Ministry of Defense.

In addition, UAH 500 million is laid down for the Ministry of Reintegration of the Temporarily Occupied Territories to ensure sustainable water supply in Donetsk region and UAH 200 million to eliminate the consequences of the escalation in Donetsk and Luhansk regions.

In addition, UAH 3 billion has been allocated for the Ministry of Finance for servicing public debt. It has been proposed that the source of covering budget expenditures will come from additional revenues from value-added tax on goods imported into the customs territory of Ukraine, as well as from the assistance provided by the EU.

Оn February 23, the Verkhovna Rada passed a law amending Chapter VI "Final and Transitional Provisions" of the Budget Code of Ukraine, which provides for the necessary expenditures on national security and defense