Ukraine Boosts Defence Spending Amid Extended Conflict

Ukraine's parliament has approved a significant increase in the 2024 defence budget, raising spending by 500 billion hryvnias ($12 billion) due to ongoing conflict with Russia. The revised budget totals 3.73 trillion hryvnias ($90 billion), highlighting the need for enhanced defence capabilities and mobilisation amid the protracted war.

Ukraine's parliament has amended the 2024 budget, increasing defence spending by 500 billion hryvnias ($12 billion) in response to the prolonged war with Russia. The total budget has been raised to a record 3.73 trillion hryvnias ($90 billion).

Defence Minister Rustem Umerov emphasized that the increased funds will bolster the military and strengthen national defence capabilities. Over 1,000 km of front lines require continuous supplies of ammunition and weapons, necessitating the additional financial support.

The need for more funds extends beyond military supplies, with increased mobilisation requiring additional payments to service personnel. Concurrently, Russian President Vladimir Putin has expanded Russia's military size. The finance ministry reported an 11% increase in total budget spending during the first eight months of this year, largely driven by defence needs.

(With inputs from agencies.)