Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Turkey carried out air strikes in northern Iraq and destroyed 20 PKK targets: Turkish MoD
Al Mayadeen's correspondent: Turkish warplanes carry out an air strike that targeted the Matin area in Dohuk, northern Iraq
Israeli media: The settlers wrote the word “revenge” in the site and uprooted dozens of olive trees
Israeli media: Settlers set ablaze a farm in the town of Deir Dibwan in the West Bank
Kurdistan Workers' Party (PKK) claims responsibility for Ankara attack
British Defense Minister Grant Shapps: We are deploying RAF Typhoons to Poland
British Defense Minister Grant Shapps announces a 4 billion pound ($4.9 billion) deal to build attack submarines
Turkish President Recep Tayyip Erdogan: We have waited 60 years at the doorstep of the European Union. We are no longer waiting.
Al Mayadeen correspondent: One civilian martyred, another injured by Saudi Arabia's armed forces in Saada, Yemen.
The Turkish authorities have banned media from broadcasting at the scene of an attempted terrorist attack that hit the capital near Parliament earlier.

The high cost of war: Ukraine's $100 million daily battle

  • By Al Mayadeen English
  • Source: Agencies
  • 4 Sep 2023 17:10
  • 2 Shares
  • x

As Ukraine grapples with the relentless and costly war with Russia, the outgoing Ukrainian Defense Minister reveals that the nation is bearing an astronomical daily financial burden of $100 million.

  • Ukraine's Minister of Defence Oleksiy Reznikov attends a meeting at the NATO headquarters in Brussels, June 15. (AFP-Yonhap)
    Ukraine's Minister of Defense Oleksii Reznikov attends a meeting at the NATO headquarters in Brussels, on June 15 (AFP/Yonhap)

Outgoing Ukrainian Defense Minister Oleksii Reznikov stated that Ukraine is bearing daily costs of $100 million due to the war with Russia, adding that the assistance provided by volunteers since February 2022 has only accounted for 3% of the total funds used.

Reznikov pointed out that when one compares the funds raised by various volunteer foundations and the state's daily spending of $100 million, it becomes apparent how significant the financial burden of the war is. Prime Minister Denys Shmyhal previously stated that Ukraine was using 100% of its tax income for military needs, and aid from donors and allies was also being directed toward the defense sector.

"A day of war costs us $100 million. Now take the budgets of all the respectable large volunteer foundations and see how much they raise. And take the state, which spends $100 million per day in general. Just think about it," Reznikov said, as quoted by the Ukrinform news agency.

This comes just one day after President Volodymyr Zelensky announced that Defense Minister Oleksii Reznikov had been sacked from his position.

Rustem Umerov, a Crimean Tatar, would be replacing Reznikov, Zelensky also announced. Umerov has been the head of Ukraine's State Property Fund since September 2022 and has been a main driver in some major war negotiations like the Black Sea grain deal.

Related News

Zelensky dismisses Defense Minister, names Rustem Umerov in his stead

Kiev calls on Tokyo to supply electronic warfare equipment: Minister

A few days ago, Zelensky's alleged anti-corruption campaign fueled rumors that he may fire Ukraine's Defense Minister following allegations of misconduct in the procurement of military supplies.

Read more: Western military aid to Kiev since Feb 2022 tops $100bln; half from US

Ukraine's economic struggles intensify as 2023 budget reveals staggering deficit

Ukraine is grappling with a severe fiscal challenge as it faces a substantial budget deficit in its 2023 financial plan. The deficit is estimated at a staggering 1.296 trillion hryvnias, equivalent to approximately $35.1 billion. The draft budget for the year outlines expected revenues of 1.28 trillion hryvnias against expenses totaling 2.57 trillion hryvnias, resulting in a monthly budget deficit of around $3 billion. To bridge this financial gap, Ukraine intends to rely on foreign loans.

This financial strain is not new for Ukraine, as it has been confronting consistent monthly budget deficits of approximately $5 billion since the commencement of the military conflict. A significant portion of these deficits has been covered through foreign loans and grants, with the bulk of these funds being allocated to meet the nation's pressing military needs. Meanwhile, the Ukrainian Finance Ministry reported a substantial increase in the country's state debt, with a staggering $4 billion added in just the month of July. This pushed the total state debt to surpass an alarming $132 billion.

Moreover, the outlook for the following year, 2024, suggests that Ukraine may continue to grapple with a budget deficit at a similar level to that of the current year, as indicated by the Ukrainian Finance Ministry. 

Read more: Ukraine losses against Russia could amount to $500bln: Kiev

  • oleksii Reznikov
  • budget deficit
  • Russia
  • Ukraine

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
US President Joe Biden and Ukrainian President Volodymyr Zelensky

'Not 1 more cent': Americans are done with funding Ukraine's paychecks

  • Europe
  • 30 Sep 2023
Austrian Chancellor Karl Nehammer tells low-income families to buy their children McDonald's burgers.

Austria Chancellor's solution to poor families: McDonald's burgers

  • Europe
  • 29 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
tusk
Europe

Polish opposition leader Donald Tusk leads million-man rally in Warsaw

Eastern Libyan authorities postpone reconstruction meeting for Derna.
MENA

Libyan authorities postpone reconstruction conference for Derna

Saudi Arabia to record fiscal deficit in 2023, blaming falling oil revenues.
MENA

Saudi Arabia to record fiscal deficit in 2023; oil revenues to blame

McCarthy
US & Canada

Leading hardline Republican says will move to oust McCarthy

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS