Government approves report on the implementation of the State Budget for 2024: defence and security spending totalled UAH 2.97 trillion

On 8 April, the Government adopted a resolution of the Cabinet of Ministers of Ukraine “On the approval of the report on the implementation of the Law of Ukraine ‘On the State Budget of Ukraine for 2024’,” the draft of which was prepared by the Ministry of Finance.

For over three years, Ukraine has been resolutely resisting the full-scale armed aggression of the russian federation amid extreme uncertainty, continuous intense combat, and attacks on civilian infrastructure. Despite unprecedented challenges, the Ukrainian Government has maintained the country’s macro-financial stability, ensuring funding for all priority expenditures: the security and defence sector, social protection, and the restoration of critical infrastructure.

The revenues of the Ukrainian State Budget in 2024 amounted to UAH 3.12 trillion, which is UAH 1 trillion 212 billion more than the figures approved by the Verkhovna Rada in the amended law.

Of this, UAH 473.9 billion in revenue came from grants provided by international partners. Thanks to systematic efforts to secure funding on the international stage, expenditures on social protection and welfare were financed on time and in full.

Expenditures in 2024 totalled UAH 4.49 trillion. This is UAH 473.5 billion, or 11.8%, more than in 2023.

Security and Defence Sector

Funding for the security and defence sector remains an absolute priority for the Government.

Expenditures in this sector amounted to UAH 2.97 trillion (38.9% of GDP). This is UAH 326.9 billion more than in 2023.

Funding for Social Expenditures

Funding for social expenditures in 2024 was carried out at a level of UAH 579.2 billion. This is UAH 45.1 billion (or +8.4%) higher than the figure for 2023.

Funding for Recovery

Funding for capital expenditures in the state budget increased due to the elimination of the consequences of armed aggression, the construction and equipping of fortifications, and the restoration of infrastructure – to UAH 306 billion, which is UAH 97.1 billion more than in 2023.

Execution of the State Budget Deficit

The deficit was executed well below the legally established ceiling (actual: 17.7% of GDP, compared to the planned 24.2% of GDP).

Debt Policy

The Ministry of Finance continues to pursue an effective debt policy. In 2024, a restructuring of state Eurobonds was carried out. This is a significant step towards ensuring budgetary stability and preserving Ukraine’s financial resources, which are essential for continuing to fund our defence.

• On the domestic market, UAH 638.4 billion was raised through the issuance of domestic government bonds (OVDPs).
• On external markets, UAH 1 trillion 900.7 billion was secured.