ua en ru

Ukrainian government approves draft budget for 2024: There are five priorities

Ukrainian government approves draft budget for 2024: There are five priorities Ukrainian Prime Minister Denys Shmyhal (Photo: RBC-Ukraine, Vitalii Nosach)

The Cabinet of Ministers has approved the draft state budget for 2024 with the government's revenues of UAH 1.56 trillion and general fund expenditures of UAH 3.108 trillion, according to Prime Minister of Ukraine, Denys Shmyhal.

"The key focus of this project is the defense and security of our country. We allocate over half of all budget resources - UAH 1.685 trillion. This amount is UAH 113 billion more than this year," he wrote.

The Prime Minister emphasized that "just like this year, every hryvnia of taxes paid by citizens and businesses will go towards ensuring our security and defense." (Other expenditures are funded through international aid - Ed.).

According to him, the second priority is the social sphere. Budget expenditures will amount to UAH 469 billion, UAH 25 billion more than this year.

The third priority is healthcare and education. They allocate UAH 179 billion for the education sector, which is UAH 23 billion more than this year. For healthcare, it's UAH 202 billion, exceeding the expenditures of 2023 by UAH 24 billion, explained the Prime Minister.

The fourth priority is supporting veterans. Expenditures under this program will double, from UAH 6.8 billion in 2023 to UAH 14.3 billion in the coming year.

The fifth priority is the recovery of our economy. "There are no plans for any tax increases. The government is continuing programs for preferential lending, the eRobota non-repayable grant program, and support for Ukrainian startups. We are also launching new programs for industrial parks, implementing investment projects, and supporting Ukrainian manufacturers," the Prime Minister wrote.

Budget draft

According to legal requirements, the Cabinet must submit the draft state budget law to the Verkhovna Rada by September 15. After registration, it should be presented at a meeting of the Rada. In general, the state budget law 2024 should be adopted by December 1.

Previously, Ukrainian authorities repeatedly stated that the primary budget priority is defense.

More details about expectations from the draft - in the article by RBC-Ukraine, "Money for army, increasing pensions and salaries: Main priorities of 2024 budget."