Ukraine proposes record defence spending next year as war costs soar
Ukraine’s draft 2027 budget sets defense at 4.89 trillion hryvnias, with officials seeking more than $52 billion in foreign aid.
- On Wednesday, Ukraine's government presented a 7.27 trillion-hryvnia draft 2027 budget to parliament, with Finance Minister Sergii Marchenko allocating 4.89 trillion hryvnias to defence—record spending 12% higher than this year.
- Escalating war costs prompted the increase, with daily spending rising to $190 million this year compared with $116 million in 2022. Roksolana Pidlasa, head of the parliamentary budget committee, noted state revenues are failing to keep pace.
- Ukraine requires more than $52 billion in international financial aid next year to bridge the funding gap. Marchenko confirmed the government secured around $20 billion in commitments, building on $198 billion in total fiscal aid received since the invasion.
- Parliament advanced essential tax and customs reforms on Wednesday, meeting key conditions to unlock International Monetary Fund and European Union funds. Lawmakers must pass the final spending plan in three readings by December 1, 2026.
- Marchenko suggested that frozen Russian assets held by European allies could help cover the budget gap, as officials explore alternative revenue streams to mitigate rising defence costs on the national treasury.
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The country devastated by the most deadly conflict in Europe since World War II, initially used its own revenues to pay for defense spending, but increasingly depends on its foreign backers to deal with the huge financial hole. "The draft budget for 2027 was drawn up at a time when Russian aggression continues and security and defence needs remain crucial," said Ukraine's finance minister, Sergii Marchenko, in a press release released on Tuesday…
Radio France Internationale
Ukraine plans record defence spending in 2027
Russia's four-and-a-half-year offensive has battered Ukraine's economy, causing billions of dollars in destruction and punching a huge hole in its neighbour's finances. The war-torn country initially used its own revenues to pay for defence spending but has increasingly relied on foreign backers for these outlays. The Ukrainian government will seek an additional $53 billion in foreign aid next year, including from the International Monetary Fund…
Ukraine's government plans to devote a record two-thirds of its budget to defense next year, government documents show.
Every day of war costs Ukraine $190 million (about €165 million) and the country is unable to cover this cost on its own The post $52.6 billion hole in Ukraine's budget – Record level for military spending appeared first on in.gr.
Much of the Ukrainian budget is generated by external injections, and this dependence is growing year-on-year, bringing the country into a debt pit.
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