Ukraine proposes record defence spending next year as war costs soar
Finance Minister Sergii Marchenko said Ukraine needs more than $52 billion in foreign aid next year to help cover a widening budget gap.
- 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.
22 Articles
22 Articles
Ukraine proposes record defence spending next year as war costs soar
Ukraine is proposing record defence spending for 2027 as the cost of the war with Russia, now in its fifth year, rises and the country needs more financial support from its partners, officials said on Wednesday.
On September 15, the Cabinet of Ministers approved and submitted to the Verkhovna Rada the draft state budget of Ukraine for 2027. It provides 4 trillion 885 billion hryvnias for security and defense, which is 43.8% of the gross domestic product. This was announced by Prime Minister of Ukraine Serhiy Koretsky. The information was also published on the website of the Cabinet of Ministers. According to Koretsky, security and defense remain the mai…
The draft budget-2027 provides for 4.8 trillion hryvnias for defense, almost 44% of GDP - KoretskyThe government submitted to the Council the draft budget-2027 with 4,885 trillion UAH for defense. Education, medicine and business support were also provided more funds.
Kiev has set a record 4 trillion Hryvna for defence (more than 109 billion dollars) in the 2027 budget, accounting for almost 44 per cent of the country's GDP, reported by the country's Prime Minister, Sergei Korecki. According to Koretski, this is the "warfare country's budget", and the key task of the authorities is to ensure the security and defence needs while preserving the country's financial sustainability. "Only 4 trillion Hryvna is prov…
Ukraine is preparing a record defense budget of $110 billion to cover the continuing financial burden of the war.
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