Ukraine has significantly reduced the need for external financing and plans to increase its weapon production.

Ukraine’s foreign funding needs in 2024 will amount to more than $37B, said Prime Minister of Ukraine Denys Shmyhal.

According to him, in 2023 Ukraine attracted $42.6B in external financing, 27% of which were grants. The leaders providing support were the EU, the US, the IMF, Japan, Canada, and the UK.

Shmyhal emphasized that Ukraine is steadily increasing its budget revenues, primarily customs and tax revenues. Last year, more than ₴1.1T in taxes, fees, and other payments were received by the state budget’s general fund.

According to Shmyhal, increasing Ukraine’s military production will be a key task in the current year.

“In 2023, the production capacity of the Ukrainian defense industry increased by 200%, and the new goal for 2024 is a 500% increase”, he said.

This means more drones, more shells, more ammunition, and armored vehicles for Ukraine’s military.