Kyiv: In a significant move, Ukrainian lawmakers have approved the 2024 government budget, directing 50% of state spending towards defense as Kyiv intensifies efforts in the ongoing conflict. Both Ukraine and Russia have substantially increased military expenditures, focusing on the production of weapons and ammunition in preparation for what appears to be a protracted war.

According to Ukraine's finance ministry, approximately 1.7 trillion hryvnia (about $47 billion) will be dedicated to defense, mirroring the 2023 budget allocation. This substantial amount surpasses combined spending on education, social welfare, and healthcare, constituting half of the country's planned total outlays of $93 billion.

Given the economic strains caused by the conflict, Ukraine has heavily relied on financial support from the International Monetary Fund and Western allies, notably the United States, to sustain its economy. The country anticipates needing $41 billion in external assistance to cover day-to-day expenses in the coming year, aligning with the IMF's projection for 2023.

The finance ministry outlined the budget's priorities, emphasizing the strengthening of defense capabilities, safeguarding the population, supporting veterans, raising social standards, and facilitating economic recovery. The ministry expressed intentions to acquire more drones and domestically-produced weapons for a swifter resolution to the conflict.

President Volodymyr Zelensky underscored the strategic allocation of budgetary resources in an address, noting public demands to prioritize defense over infrastructure projects. He affirmed that consolidating all resources towards fortifying Ukraine is crucial for achieving victory in the ongoing conflict.