October 11, 2023
3 mins read

Ukraine to spend 21.6% of GDP on defence in 2024

Putin further noted that Ukraine had lost over 90,000 troops since Kyiv’s counteroffensive against Russian forces till date…reports Asian Lite News

Ukrainian President Vladimir Zelensky has signed a decree putting into effect the decision of the National Security and Defense Council of Ukraine on financing for the country’s defense sector in 2024, Ukrainian media said, citing the presidential website.

The decree orders the government “to ensure an increase in spending on the national security and defense of Ukraine in light of the political and military situation and in compliance with the budget law requirements and to take measures to finance the operations of enterprises of Ukraine’s security and defense sector as a priority in 2024.”

As it finalizes the draft legislation on Ukraine’s 2024 budget, the government must ensure that 21.6% of GDP, or least 1.69 trillion hryvni, is allocated for the country’s security and defense needs.

Meanwhile, as the West continues to provide aid for war-torn Ukraine, Russian President Vladimir Putin stressed that Ukraine would not survive for more than “a week” without Western military and financial aid, reported Al Jazeera.

Putin made this claim on the same day when the European Union official warned that the bloc could not replace the funding gap if the US’s support dries up for Kyiv.

Earlier this week, US President Joe Biden said that he “does worry” US support for Ukraine might get derailed.

Putin while speaking at the meeting of the Valdai Discussion Club, said that Ukraine was being propped up “thanks to multi-billion donations that come each month”.

“If one just stops, it will all die in a week,” Putin said.

“The same applies to the defence system. Just imagine the aid stops tomorrow. It will live for only a week when they run out of ammo,” he added.

Additionally, Putin further noted that Ukraine had lost over 90,000 troops since Kyiv’s counteroffensive against Russian forces till date.

Moreover, while addressing a meeting of the European Political Community (EPC) in Spain on Thursday, EU foreign policy chief Josep Borrell said that the EU could not replace the US as Kyiv’s primary donor.

At a meeting of the European Political Community (EPC) in Spain on Thursday, EU foreign policy chief Josep Borrell said the EU could not replace the US as Kyiv’s primary donor.

“Can Europe fill the gap left by the US? Well, certainly Europe cannot replace the US,” Borrell said.

Moreover, the EU and the US, which includes most NATO members are crucial in Ukraine’s fight against Russia.

Over this period of time, the EU and its member states have promised over USD 100 billion of aid to Ukraine, including financing weapon deliveries.

Meanwhile, Washington has committed USD 43 billion in military assistance, whereas, Congress has approved USD 113 billion, including humanitarian aid.

However, following the weekend deal struck with opposition Republicans to avert the US government shutdown, the new US funding for Ukraine has been at a standstill.

Following the US House of Representatives on Tuesday voted to oust Republican Kevin McCarthy as Speaker, it has made the Ukraine support even more uncertain.

Hours after the short-term spending bill was passed to avoid a government shutdown, US President Joe Biden assured that Washington will “not walk away” from supporting Ukraine, CNN reported.

ALSO READ-Ukraine would die in a week, says Putin

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