Russia's military budget is 2.5 times larger than Ukraine's: Kyiv in dire need of help – Finance Ministry
Russia's military budget is more than twice the size of Ukraine's military budget in 2024, so support from foreign partners is critically important.
Source: This was stated by Minister of Finance Serhii Marchenko in an interview with Italian outlet Corriere della Sera.
Details: Marchenko spoke about Ukraine's financing needs for 2024 and the importance of maintaining support for Ukraine from international partners.
As he said, the share of military expenditures is more than 50% of the total budget and about 21% of GDP by 2024.
As the minister reported, Ukraine directs all revenues from the state budget and internal borrowing to finance the military campaign. At the same time, in terms of taxation and domestic borrowing, Ukraine has reached its limits.
Ukraine's financial needs for foreign aid in 2024 amount to $41 billion. At the same time, the unmet need for external financing for the next year is $29 billion.
At the same time, Russia's budget for the military campaign is $115 billion, more than 2.5 times more than Ukraine’s budget.
"Without the support of our international partners, we would have had to significantly reduce non-military spending," Marchenko said.
That is why, the minister noted, the support of the United States is critically important for Ukraine.
"We hope that the US administration will be able to find a solution to preserve it. The war is still going on, and we need help to succeed," he stressed.
"I am grateful to the European Commission for the proposal to start the Ukraine Facility for 2024-2027 in the amount of EUR 50 billion. We expect that this mechanism will be launched in the coming months," he added.
The minister emphasised that supporting Ukraine is in the interests of the West to protect all other countries from the spread of the Russian imperialist disease.
"The reason for what is happening in the Middle East is also the insufficient reaction of the international community to the war of the Russian Federation against Ukraine. If we were given enough help to win in 2022, we could avoid this situation in the Middle East," the minister said.
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