20:50 15.03.2022

Rada increases spending on army in 2022 by UAH 67.6 bln due to UK loan of GBP 1.7 bln

2 min read
Rada increases spending on army in 2022 by UAH 67.6 bln due to UK loan of GBP 1.7 bln

State budget expenditures on the development and purchase of weapons and military equipment in 2022 were increased by UAH 67.57 billion due to UK loans totaling GBP 1.7 billion to develop the capabilities of the Naval Forces of the Armed Forces of Ukraine.

The relevant law (No. 7167) was adopted by the Verkhovna Rada on Tuesday with 342 votes.

According to it, in general, the expenditures of the state budget-2022 have been increased from UAH 1 trillion 525.93 billion to UAH 1 trillion 593.5 billion by increasing the special fund to UAH 221.11 billion.

At the same time, the maximum size of the state budget deficit was increased from UAH 188.8 billion to UAH 256.36 billion, including for the special fund - up to UAH 96.1 billion.

In addition, the state budget has removed restrictions of 3% of its planned revenues for the provision of state guarantees, as well as UAH 10 billion and UAH 20 billion, respectively, on portfolio guarantees and on loan guarantees to increase the country's defense capability.

The law also restricts the use of funds from the road fund. "First of all, they will be spent on state debt payments, defense, maintenance and development of the roads network," the Servant of the People faction commented on the adopted document.

As noted in the explanatory note to the law, Ukraine intends to implement state investment projects for the purchase of two minesweepers from British suppliers, their delivery and maintenance, the joint construction of eight missile boats, the delivery and installation of weapons systems on existing ships. In addition, it is planned to jointly build a frigate, as well as consulting and technical support for the construction of naval infrastructure, including the delivery of equipment.

As reported, the Verkhovna Rada ratified the Framework Intergovernmental Agreement on Credit Support for the Development of the Naval Forces of the Armed Forces of Ukraine at the end of January this year. It was signed in London on November 12, 2021 and provides for the allocation of funds for the construction of eight missile boats, the acquisition of two minesweepers from the United Kingdom and the establishment of two naval bases in Ukraine.

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