Poroshenko Approved the State Budget for 2017 With Record Military Expenditure December 26, 2016 News Translated by Ollie Richardson 17:40:00 26/12/2016 Life.ru The president of Ukraine Petro Poroshenko has approved the law on the governmental budget adopted by the Verkhovna Rada for 2017. This document provides record expenses on the military sphere — it has reached 5.2% of Gross Domestic Product. “The president reminded that the budget in a timely manner and in detail was discussed at a meeting of the National Security and Defense Council of Ukraine regarding expenses on the defence sector and safety of the country. He also especially noted that these expenses constitute 5.2% of GDP,” noted the press service of the leader of Ukraine. The Minister of Defence in turn emphasized that the budget of the military department increased considerably in comparison with 2016. “The money that we received is sufficient to support the level and to move forward. I’m talking about 64 billion hryvnias, plus 4 billion in state guarantees. We have as money what the country can presently give to the Army,” said Stepan Poltorak. For comparison, NATO has recently aimed to ensure that the share of defense expenditure in budgets of member countries of the Alliance constitutes at least 2% of GDP. While this is observed in only a few countries, among which the leader is the USA, there is a niche in the expenses of 4% of GDP. As for Russia, next year for these purposes expenses to the amount of 3.3% of GDP are provided. This amount will be reduced to the level of 2.8% and will be maintained for several years. Copyright © 2016. All Rights Reserved.