Ukraine adopts the budget for next year 2024 with huge deficit

Ukraine announced its draft budget for next year 2024, which includes a deficit amounting to 1.55 trillion Hryvnia , which is equivalent to about $42 billion.

This deficit represents half of the total expenditures planned in the budget.

Ukrainian Prime Minister, Denys Shmyhal, revealed details of the budget on his Telegram channel, where he announced that the expected revenues for 2024 will reach 1.56 trillion Hryvnia ($42.6 billion), while total expenditures will reach 3.108 trillion Hryvnia ($84.9 dollars).

Shmyhal pointed out that half of the budget, which is equivalent to 1.685 trillion Hryvnia ($46 billion), will be allocated to financing military and security forces next year, and this represents an increase of 113 billion Hryvnia ($3 billion) compared to 2023.

As for revenues, Hryvnia announced that all tax revenues would be allocated to cover military spending, with only 469 billion Hryvnia (about $12.8 billion) allocated to expenditures in the field of social services.

This budget is expected to raise questions about the sources of financing the large Ukrainian budget deficit, as the United States and European countries are expected to bear of this burden.