The Verkhovna Rada of Ukraine has approved the country's budget for 2024. The Prime Minister of Ukraine Denys Shmyhal stressed that almost half of the expenditures will be spent on defence and security, including the development of the defence industry. Despite this, spending on other areas is also planned to increase. 

The approved Budget for 2024 states that budget revenues have increased by UAH 22 billion to UAH 1.768 trillion, while expenditures amount to UAH 3.35 trillion," Channel 24 reports .

It is important to note that the revenue plan increased by UAH 22.2 billion by increasing VAT on imported goods and taxing bank profits, import duties and rents. In addition, the following indicators were approved: the deficit for 2024 was reduced by UAH 22 billion and now stands at UAH 1.57 trillion; the real GDP growth forecast was adjusted to 4.6% (from 5% in the first reading); and the inflation forecast was adjusted to 9.7% (from 10.8% in the first reading).

Other important indicators include defence spending of UAH 1 trillion 685 billion, a subsistence minimum of UAH 2,920 and a minimum pension of UAH 2,361.

During the vote on the Budget 2024 on 9 November, Ukraine's Minister of Finance Sergii Marchenko stressed the importance of funding from the US and other international partners, saying that debt financing is not an option and that Ukraine will find a way to finance its needs through external assistance.

In 2024, Ukraine plans to attract at least $41 billion in international support, including funds from the IMF, the US, the EU, other countries, and the World Bank.

The latest reading also improved the forecast of the dollar exchange rate for 2024 to UAH 40.7, which is an important indicator for the country's budget.