Ukraine increases military spending by $12bn

KYIV: Ukrainian President Volodymyr Zelensky has signed a bill passed by parliament to increase army allocations and military spending by UAH500 billion (about $12 billion). The funds will be used to pay military salaries and purchase weapons and military equipment for the army, Ukrainian news agency Ukrinform quoted Defence Minister Rustem Umerov as saying. According to Prime Minister Denys Shmyhal, the government hopes to close the UAH 500 billion deficit thanks to the over-fulfillment of the plan for taxes and payments this year, savings on foreign debt servicing and borrowing on the domestic market. Source: Emirates News Agency