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KYIV: Ukraine\u2019s President Volodymyr Zelensky on Tuesday said he planned to take difficult and unpopular decisions to plug the country\u2019s yawning budget deficit.<\/p>\n
The deficit is weighed down in particular by a 23-billion-euro ($26.5-billion) gap in military spending.<\/p>\n
Zelensky floated seven unspecified draft laws which he said were \u201cneeded to finance the state budget deficit\u201d.<\/p>\n
\u201cSome things may be difficult, may be unpleasant and unpopular. But right now, without these things, it is impossible to ensure the full needs of our defense and the resilience of Ukraine,\u201d he added in his daily address to the nation on social media.<\/p>\n
\u201cThe deficit must be covered. These are billions of dollars that positive votes can bring to Ukraine.\u201d<\/p>\n
Ukraine, which relies largely on financial support from its Western allies to fight Russia and fund its spending, is facing a worsening economic situation.<\/p>\n
In recent months, both sides have increased their use of long-range missiles to strike inside the other\u2019s territory, which in Ukraine\u2019s case has eaten up funds meant for use in the second half of this year.<\/p>\n
Russian strikes have severely hit the metallurgy sector and agricultural exports, which are both essential to the Ukrainian economy.<\/p>\n
According to Roksana Pidlassa, chair of Ukraine\u2019s parliamentary budget committee, each day of war costs around $190 million \u2014 and the country cannot cover the costs on its own.<\/p>\n
Zelensky told European leaders in Kyiv in August that Ukraine needed \u201ca lot more\u201d money.<\/p>\n
European countries have already agreed at the end of last year to grant a 90-billion-euro loan to Ukraine for 2026 and 2027 to cover its existing military and civilian budget deficit.<\/p>\n
In all, Ukraine has received more than 230 billion euros from European countries and nearly $130 billion from the United States since Russia\u2019s full-scale invasion in 2022.<\/p>\n
According to Germany\u2019s K<\/p>\n<\/div>\n