The Verkhovna Rada has increased budget revenues and expenditures by UAH 67.6 billion, which will be used for the purchase, modernization and repair of weaponry and military hardware.
A total of 342 people’s deputies voted in favor of adopting Draft Law No.7167 “On Amendments to the Law of Ukraine “On the State Budget of Ukraine for 2022″”.
The new legislation increases the special fund’s expenditures for the Ministry of Defense by UAH 67.6 billion by attracting a loan from the Government of Great Britain and Northern Ireland for the new investment project “Official Loan Support to the Defense Forces of the Armed Forces of Ukraine”.
Ukraine intends to purchase from the British suppliers two minesweepers, deliver and service them, jointly build eight missile boats, deliver and install weapons systems on existing vessels, jointly build a frigate and provide consulting and technical support for naval infrastructure.
In addition, it is planned to attract a loan under state guarantees from the Credit Institution for Reconstruction (KfW) to finance measures for energy-efficient modernization and automation of power substations. The document also provides for the provision of a state guarantee to ensure the fulfillment of debt obligations of NEC Ukrenergo.
The document also restricts the use of the Road Fund. From now on, the money will be spent primarily on government debt payments and on the development of the network and road maintenance. Only after all debt obligations have been fulfilled will the money be allowed to spend for other purposes. (Ukrinform/Business World Magazine)
