The Ukrainian government plans to increase defense funding through additional borrowing and tax revisions
Kyiv • UNN
The Ukrainian government plans to raise an additional UAH 500 billion to finance defense. 75% of the funds will be raised through domestic borrowing and budget overruns, and 25% will be raised through revised tax policy.
Prime Minister of Ukraine Denys Shmyhal met with representatives of the Council for Support of Entrepreneurship under Martial Law. The event was attended by First Vice Prime Minister Yulia Svyrydenko, Minister of Finance Serhiy Marchenko, Minister of Defense Rustem Umerov, Head of the Presidential Office Andriy Yermak and Head of the relevant committee of the Verkhovna Rada Danylo Hetmantsev, UNN reports .
Details
The main topic of discussion was the need to secure additional financial resources for the country's defense. Denys Shmyhal noted that an additional UAH 500 billion should be raised by the end of the year.
To cover this amount, 75% of the funds will be obtained by increasing domestic borrowing and overperforming state budget revenues, in particular through de-shadowing the economy. The remaining 25% will be provided by revising the tax policy.
Shmyhal emphasized that the Government allocates every hryvnia of business taxes to provide for the army and pay the military, while other expenses are covered by international partners. He also expressed gratitude to conscientious taxpayers for their support of the Armed Forces of Ukraine and the state.
The Prime Minister noted that this meeting was the beginning of a dialogue between the government and business to find effective solutions in a short time. He emphasized that business has an influence on decision-making and remains an important partner in the discussion process.
