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Ukrainian President Volodymyr Zelenskyy announced on Tuesday that he intends to take decisions he described as "difficult and unpopular" to address the significant budget deficit, amid growing pressure from the war with Russia on the Ukrainian economy.
A major part of the deficit is due to a gap of 23 billion euros ($26.5 billion) in military spending.
Zelensky revealed seven draft laws, without going into details, saying they are "necessary to finance the general budget deficit of the state"
He added in his daily speech via social media, "Some things may be difficult, annoying, and unpopular, but it is currently impossible to meet all our defense needs and ensure Ukraine's resilience without them"
Ukraine largely depends on the support of its Western allies to finance government spending and the war effort, as its economy faces increasing deterioration.
In recent months, both Russia and Ukraine have escalated long-range strikes targeting civilian sites, such as factories, warehouses, energy infrastructure, and ports, as well as ships in the Black Sea, leading to the depletion of funds allocated for the second half of the year.
Russian strikes have also caused significant damage to the metal industries and agricultural exports sectors, which are key pillars of the Ukrainian economy.
Zelensky informed European leaders in August of his country's need for "a lot of money", knowing that European countries had previously agreed last year to grant Ukraine a loan of 90 billion euros to cover military and civilian deficits during 2026 and 2027.
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