Ukraine Needs $120 Billion To Spend On Defense Next Year

JAKARTA - Ukrainian Defense Minister Denys Shmyhal said Ukraine needed at least $120 billion for defense spending next year.

Negotiations with NATO and EU member countries are ongoing as Ukraine seeks funding of USD 60 billion from its partners.

Ukraine's weapons affairs are currently a priority for the government.

Yulia Svyrydenko, 39, the new Prime Minister of Ukraine, was assigned by President Volodymyr Zelenskyy to increase domestic weapons production and restore the loan-dependent Ukrainian economy.

In a speech to parliament last week, Svyrydenko said he expects his new government to increase the portion of domestic weapons on the Ukrainian battlefield to 50% from 40% within six months.

Svyrydenko also highlighted the deregulation and expansion of economic cooperation with allies as another major goal of reshuffling the largest government since the Russian invasion in February 2022.

Svyrydenko, an experienced technocrat who has served as the first deputy prime minister since 2021, has promised to move "fast and firm".

"The war does not provide room for delays," he wrote on X.

"Our priority for the first six months is clear: reliable supply for the army, expansion of domestic weapons production, and increasing the power of our defense forces technology," continued Svyrydenko.

Svyrydenko is also well known by the Trump administration, for negotiating a deal that grants the US special access to Ukraine's mineral wealth.

This deal is considered crucial to strengthen relations between Kyiv and Washington.

Speaking to lawmakers on Thursday, Zelenskyy said further deals with the US would soon be reached, but did not provide specific details.

Parliament also appointed former Prime Minister Denys Shmyhal, Ukraine's longest-serving head of government, as Defense Minister and Svitlana Hrynchuk as Minister of Energy.