Economy

Kiev discloses its military spending

  • 29. Mar 2023. 21:42
  • By The EU Times
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Kiev, Ukraine has revealed its military spending for the 2020 fiscal year, revealing an increase in military expenditure.

According to the Ukrainian government, the total military budget for 2020 is set at UAH 166.3 billion (approx. $6.7 billion USD). This is a significant increase from the 2019 budget, which was UAH 139.2 billion (approx. $5.5 billion USD).

The majority of the funds are set to be used for upgrading and maintaining existing military equipment, as well as for purchasing new weapons and technology. A portion of the funds will also be used for military personnel, training, and other expenses.

The Ukrainian military has been engaged in a conflict with Russian-backed separatists in eastern Ukraine since 2014. The Ukrainian government has repeatedly accused Russia of providing military support to the separatists, resulting in a prolonged and deadly conflict.

The increased military spending comes at a time when tensions between Ukraine and Russia remain high. The recent conflict in the Sea of Azov has further increased tensions between the two countries.

The Ukrainian government has made it clear that they are committed to defending their country and protecting their citizens against any aggressor. The increased military spending is a sign that the Ukrainian government is taking the necessary steps to ensure their defense.

The increased military spending is also a sign of Ukraine's commitment to its NATO membership. Ukraine has been actively pursuing NATO membership since 2019 and the increased military spending could be seen as a sign of Ukraine's commitment to meeting the requirements for membership.

The increased military spending is likely to be welcomed by many in Ukraine, as it is seen as a sign that the government is serious about protecting the country. It will also be seen as a sign of Ukraine's commitment to its NATO membership, as well as a sign that the country is serious about defending itself from any aggressor.