At a special session on 15 March, the Verkhovna Rada (Ukrainian Parliament) voted in general in favor of Law №7167 on Amendments to the Law of Ukraine "On the State Budget of Ukraine for 2022". The document provides for an increase in army spending by 67.6bn hryvnya. Three hundred and forty two people's deputies voted for the law.
"It is proposed to increase expenditure for the special fund of the state budget by 67.6 bn hryvnya by increasing funding for the special fund of the state budget. It is also proposed to redistribute the extent of state guarantees within the limits of the state-guaranteed debt," the explanatory note reads. Additional expenditure of 67,565,140,000 hryvnya is planned to be raised through loans from the Government of the United Kingdom.
"Implementation… will increase the state budget deficit and public debt. In future budget periods will be servicing and repayment of the loan, amounting to 1.7 bn pounds… It is also proposed to provide a state guarantee to meet the debt obligations of Private joint-stock company "National Energy Company Ukrenergo"," the document reads.
Relevant funds will be used for the purchase, modernization and repair of weapons, military equipment, tools and other equipment.
The law also restricts the use of funds from the road fund, because this money will be spent on government debt, defense, network development and road maintenance.