Saturday, 25 September 2021 06:37 GMT

Defense spending projected at 5.95% of GDP in draft budget for 2022


(MENAFN- UkrinForm) Security and defense sector spending is projected at 5.95% of GDP in the state budget for 2022.

“The Ukrainian army and our defense capabilities: 5.95% of GDP is channeled into the security and defense sector. We increase the financial support for our military by UAH 7.7 billion and allocate record funds for the program of development of armaments and military equipment. UAH 5.5 billion is allocated to provide housing for ATO/JFO participants with the status of internally displaced persons,” Prime Minister Denys Shmyhal said at the Cabinet's meeting, an Ukrinform correspondent reports.

The Prime Minister also noted that the budget provides UAH 10.6 billion for additional payments to military retirees.

As Ukrinform reported, in accordance with the law, the Cabinet of Ministers annually submits to the Verkhovna Rada a draft law on the State Budget of Ukraine for the next year no later than September 15 of the current year. Along with the draft law, a report on the implementation of the State Budget of Ukraine for the current year is submitted.

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