Russia increases its defense budget by almost 70% for 2024

Russia increased its Defense budget for 2024 by almost 70%, according to a Finance Ministry document published Thursday, an increase that shows Russia’s determination to continue its offensive in Ukraine.

According to the document, Defense spending will increase by 68% in 2024 compared to the previous year, reaching 10.8 billion rubles (106 billion euros, 112 billion dollars at current exchange rates).

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He Kremlin He defended the increase as “necessary” due to “the war” that he said he was facing Moscow.

“It is clear that this increase is necessary, absolutely necessary, because we are in a state of hybrid warfare”the spokesperson for the KremlinDmitri Peskov.

“I am referring to the hybrid war that is being waged against us and that requires high expenses”argued the spokesperson.

Since the conflict began last year, Russia It boosted its armaments industry and invested massively in its armed forces, despite inflation and the weakness of the ruble.

Defense spending will be almost three times higher than education, environment and health spending combined in 2024, according to AFP calculations based on released data.

“The focus of economic policy is to move from an anti-crisis agenda to promoting the development of national objectives”explained the Ministry of Finance in the document.

This includes “strengthening the country’s defensive capacity” and “integrating” the four Ukrainian regions whose annexation Moscow claimed last year (Lugansk, Donetsk, Kherson and Zaporizhzhia), according to the report.

The Russian Central Bank has warned that the country’s economic growth will slow in the second half of 2023, with inflation above 4%, the bank’s target.

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Source: Elcomercio

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