Ukrainian President Volodymyr Zelensky has enacted a decision taken by the National Security and Defense Council (NSDC) on May 14, 2021, to increase spending on national security and defense up to 5% of the planned GDP in 2022-2024.
Respective decree No. 196/2021 of May 18 was posted on the president's official website.
The NSDC Secretary will monitor the implementation of the decision.
The NSDC secretary has been tasked with monitoring the implementation of the decision.
Spending on defense on the rise
The Cabinet of Ministers should foresee in the Budget Declaration for 2022-2024:
- Expenses for ensuring the national security and defense of Ukraine in the amount of at least 5% of the planned gross domestic product for the security and defense sector of Ukraine;
- Government's right to provide of state guarantees for the fulfillment of debt obligations of economic entities that are residents of Ukraine on credits (loans) to be raised for financing programs related to increasing the defense capability and security of the state;
- An increase in spending on national security and defense of Ukraine, when drafting laws on the national budget of Ukraine for 2022, 2023, 2024. The government should take into account the military and political situation and legislative requirements for revising budget revenues.