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Parliament Supported Developed by MinFin Draft Law on Amendments to State Budget that Increases Expenditures on National Security and Defense by UAH 518.2 billion

Today, on March 21, the Parliament of Ukraine supported the draft Law of Ukraine "On Amendments to the Law of Ukraine "On the State Budget of Ukraine for 2023" on Provision of Expenditures for the Security and Defense Sector".

"Today, the Parliament has supported the draft Law on amendments to the State Budget developed by the Ministry of Finance and approved by the Government. According to the proposed amendments, the total expenditures for the Security and Defense sector will amount to UAH 1,670 billion, which is 26.6% of the GDP. The adoption of the draft Law will allow Ukraine to continue effectively counter russian armed aggression," said Minister of Finance of Ukraine Sergii Marchenko.

The draft law provides for an increase in expenditures of the general fund of the State Budget by UAH 537.2 billion, including:

  • UAH 518.2 billion for the Security and Defense sector, of which UAH 477.2 billion will be spent on salaries and wages, UAH 30.2 billion for special machinery and equipment, UAH 10.8 billion for other expenses.
  • UAH 19.0 billion for the reserve fund.

To implement these initiatives, the draft amendments to the State Budget for 2023 provide for:

  • increase in the general fund revenues by UAH 60.7 billion (personal income tax in the amount of UAH 36.5 billion, dividends (income) accrued on shares (stakes) of business entities with state ownership in their authorized capital in the amount of UAH 19.0 billion);
  • financing of the general fund of the State Budget by debt operations of UAH 419.3 billion;
  • savings on the performance of debt and guarantee obligations by UAH 57.2 billion.