Draft budget for 2024 provides almost UAH 56 billion for the development of defense industry in Ukraine

On September 15, the Cabinet of Ministers approved the draft budget of Ukraine for 2024. The priority is the security and defense of our country. This sector is to receive funding at the level of 2023 - more than UAH 1.5 trillion, which is more than half of all resources.

Funding for the development of the defense industry, which is directly managed by the Ministry for Strategic Industries, will increase sevenfold next year to almost UAH 55.8 billion.

The main focus is on domestic production of weapons: both at Ukroboronprom enterprises and by private manufacturers.

"This is the right investment by the state in victory and economic recovery. These funds will be used to develop existing production facilities and launch new ones. Together with Defense Minister Rustem Umerov, we will work on localizing the production of weapons and military equipment," said Minister for Strategic Industries Oleksandr Kamyshin.