The Ukrainian parliament approved on Monday a boost to defense spending amid the ongoing military conflict with Russia.
According to the bill passed by the Rada, the country’s parliament, the government will be authorized to raise an additional 270 billion hryvnias ($7.3 billion) through domestic borrowing.
This will allow an extra 241 billion hryvnias ($6.5 billion) to be allocated to the Defense Ministry and for more funds to be provided to the police, security and intelligence services.
The move comes after the Wall Street Journal reported that a shortage of funds risks becoming “Ukraine’s Achilles’s heel” in the conflict.
“We have to worry about winning the war. It is better to risk high inflation than not to pay soldiers’ salaries,” Finance Minister Sergey Marchenko told the WSJ last week about the National Bank of Ukraine’s strategy of printing more money.
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