Ukraine's 2025 Budget Allocates $53 Billion for Defense, 26% of GDP, Passes First Reading on October 31

Oct 31, 2024, 02:37 PM

On October 31, 2024, the Verkhovna Rada of Ukraine voted to approve the first reading of the proposed 2025 state budget, which allocates $53 billion for defense. This funding represents approximately 26% of the country's GDP and reflects Ukraine's ongoing efforts to bolster its military capabilities amid continued hostilities with Russia. The budget's passage marks a significant step in the legislative process, as lawmakers prioritize defense spending in light of the current geopolitical climate.