Ukraine to spend 21.6% of GDP on defence in 2024

As Russia continues its war against Kiev, Ukrainian President Volodymyr Zelensky has signed a decree to spend at least 21.6 per cent of the country’s gross domestic product (GDP) in 2024 on national defence, local media reported on Tuesday.

The presidential decree, which put into effect the decision of the National Security and Defence Council, stipulates that Ukraine’s defense spending next year will reach no less than $46 billion, rpeorts Xinhua news agency citing local media.

The document instructed the government to prioritise the financing of the defense sector in the 2024 state draft budget based on the current military-political situation.

Ukraine’s 2023 budget envisages that it will spend about $31 billion,or 18.2 per cent of the GDP on defence.