KIEV, Ukraine - According to the Ukrainian Finance Ministry, the government needs at least $26 billion to continue military operations against Pro-Russian separatists in the southeastern part of the country.
"We have no means to continue financing of programs in support of the military operation and assistance to migrants from eastern parts and Crimea," said Finance Minister Alexander Shlapak.
The minister has urged lawmakers to review the national budget to find additional revenues. Shlapak believes that about a third of the required funds could be obtained by reducing spending on administrative bodies.
At least $800 million (UAH 9.1 billion) will be required for defense operations for the remainder of the year, Shlapak said. The national budget for 2014 was initially approved with revenues totaling UAH392.4 billion and expenditures set at UAH456.3 billion. The budget was revised in March 2014 with revenues lowered to UAH372.9 billion and expenditures decreased to UAH444.9 billion. According to the government, the amendments were made in order to ensure the recovery of Ukraine's economy and immediate stabilization of the economic situation.
The Ministry of Finance has just prepared another revised budget with state spending to be cut by $3.4 billion. Shlapak expects the economy to contract by 6 percent this year.
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