Ukraine Increases Defence Spending Amid Ongoing Conflict with Russia

Ukraine's parliament has approved the 2025 state budget, allocating significant funds to defense and security. The budget aims to support ongoing military efforts against Russia, with plans for increased weapon production. The government anticipates financial challenges, relying on domestic revenue boosts and international aid.

Ukraine's parliament has taken a decisive step by approving the 2025 state budget, allocating more funds towards defense and security as the Russian invasion hits a milestone of 1,000 days. The move underscores the nation's unyielding commitment to bolstering its military capabilities amidst ongoing conflict.

Prime Minister Denys Shmyhal emphasized that a significant portion of citizen and business taxes will fund defense efforts. The government plans to invest heavily in weapons production and modernization, including an ambitious target of producing thousands of drones and missiles next year.

To support this strategy and address economic challenges, the finance ministry has disclosed plans for increasing domestic revenues through new tax policies. With a projected budget deficit, Ukraine is relying on financial assistance from Western allies and the International Monetary Fund to sustain its wartime economy.

(With inputs from agencies.)