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Economy Ministry to receive $82 million for defense industry development projects

The funds will be spent with the aim of expansion of existing production facilities
15:03, 10 January 2018

Open source

Ukraine’s state budget for 2018 provides over $82.3 million of funding for various development projects focused on the defense sector. This number is three times higher than it was in 2017. The funds will be transferred through the Ministry of Economic Development and Trade, Interfax-Ukraine reports. 

Related: Defense Ministry to build 93 military hostels in 2018

According to Ukraine’s state budget for 2018 which was published on the official website of the Parliament, the aforementioned total amount will consist of two parts - $69 million will be allocated from the budget’s general fund, while another $13.6 million will come from the special fund. The latter will be financed through the Economic Development and Trade Ministry.

Related: Defense Ministry offers to construct underground ammunition storages

The funds will be spent on the implementation of different national target programs for developing and modernizing the country’s defense sector, creating and introducing new technologies, which would expand existing production facilities in order to allow manufacturing of defense products.

In 2017, the state budget allocated a total of $27.6 million for development programs in the defense sector. This sum included $13.6 million from the general fund and $14 million from the special fund.

Related: Prosecutor's Office found debt of 6.1 billion UAH in defense budget

In 2016, the Economic Development and Trade Ministry was given the functions of a public contracting authority aimed at creating new and enhancing existing production capacities in the defense sector.

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