Ukraine swallows exorbitant amounts of EU and US funds

Ukraine requires huge sums of money to cover its expenses. The country is practically bankrupt while its economic capacities are continuously deteriorating.

Forrás: MTI/EPA/Stephanie Lecocq

The country’s budget for next year is practically a wartime budget.

According to the document, in 2023 they plan to spend about 30 billion dollars on wartime costs. The deficit could amount to 50 percent of GDP which would be covered by foreign loans and direct grants.

Magyar Nemzet’s article from the end of September also pointed out that priority spending is earmarked for security and defense sectors. The defense amount of 30 billion dollars is close to half of the total expenses.

In addition to all of this, state allowances and services must also be ensured. This is not an easy task either as the pension fund also faces a constant deficit. This is made possible thanks to the monthly budget support of 1.5 billion dollars provided by the United States to Kiev.

Ukrainian pensioners could end up beggars without EU aid

Ukrainian Prime Minister Denys Shmyhal stated that EU funds are of vital importance for his country and necessary for reconstruction and maintenance of social benefits.

Photo CRedit: MTI/EPA/Stephanie Lecocq