Draft budget 2017: 5% of country's GDP directly to Ukraine's military

14:06 Aug. 31, 2016

5% of country's GDP directly to Ukraine's military

Ukraine's government drafting budget 2017 (Getty Images)

The Cabinet of Ministers is preparing a draft state budget with special financing of prioritized sectors of economy

The PM of Ukraine, Volodymyr Groysman, said that his administration is working on a draft state budget for 2017.

The Ukrainian government has defined priorities for the country's development and approximate financing of key sectors of the economy.

According to the Prime Minister, the budget's top priority is financing national security, which cannot be less than 5% of GDP.

Read also: Ukraine's government launches e-petitions website

The second goal for the government is roads and infrastructure buildings. As officials estimate, the Road Fund financing in 2017 will be not less, than UAH 14 billion (USD 560 million) without including funds from international financial organizations.

Ukraine's government will also allocate UAH 5.5 billion (USD 220 million) in support of the farming industry in Ukraine.

Next year, diplomatic posts of Ukraine abroad are planned to receive higher financing; trade missions of Ukraine in foreign countries will be established. The latter must be an effective instrument of promoting Ukrainian export into international markets. 

Read also: Poland to increase military budget

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