Ukraine Boosts 2024 Defense Budget Amid Rising Costs

Ukraine's government has approved a substantial increase in defense spending for the 2024 budget, totaling an additional 495.3 billion hryvnias ($11.9 billion). The proposal, announced by government representative Taras Melnychuk, also includes various tax increases and requires parliamentary approval to proceed.

Ukraine's government has endorsed amendments to the 2024 budget law, substantially raising defense spending by 495.3 billion hryvnias ($11.9 billion). A senior official disclosed the development on Thursday.

Taras Melnychuk, a government representative in parliament, revealed that the proposal was approved during a cabinet meeting. The proposal also outlines various tax hikes aimed at financing the increased expenditure.

The changes now await legislative approval from the country's parliament to be enacted.

(With inputs from agencies.)