Ukraine to increase 2019 defense budget by 8 percent

The Ukrainian ministry of Defense is planning to increase its 2019 defense spending by 8% compared with the previous year.

Ukraine to increase 2019 defense budget by 8 percent
Ukrainian army (Picture source: Ukrainian

At a briefing given on 11th April, Deputy Director of the Defense Ministry’s finance department Serhiy Vynnyk stated that “The Law of Ukraine ‘On the State Budget of Ukraine for 2019’ envisages UAH 102.5 billion for the Defense Ministry. Compared to 2018, the spending has been increased by UAH 7.6 billion, or by 8%,” the press-service cited Vynnyk as saying.

According to him, the main priorities of the ministry’s financing for the current year include an increase of at least 30% in cash support for military personnel, the provision of troops with modern types of weapons and military equipment, as well as material and technical support for troops, primarily those involved in Joint Forces tasks.

Late in 2018, the information circulated that the new defense budget would probably reach approximately 5.9 percent of the country’s estimated gross domestic product (GDP) in 2019, which is forecast at $126.7 billion by the International Monetary Fund.

Military Expenditure in Ukraine decreased to 3354.20 USD Million in 2017 from 3423.30 USD Million in 2016. Military Expenditure in Ukraine averaged 1991.42 USD Million from 1993 until 2017, reaching an all-time high of 3520.20 USD Million in 2015 and a record low of 273.90 USD Million in 1993.