Ukraine significantly increases defense spending

The Verkhovna Rada (Parliament) of Ukraine voted to increase the country's military spending by $7.3 billion by issuing money, Report informs, citing Ukrainian MP Yaroslav Zheleznyak.

According to him, the Rada approved the bill and the funds will be raised by increasing domestic borrowing.

"Unfortunately, it will also be printing money," he added.

The total spending of Ukraine's budget on security and defense this year after the changes is 1.2 trillion hryvnias ($32.55 billion). As many as 287 members of the Ukrainian Parliament voted in support of the bill to increase military spending. The required minimum was 226 votes.