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Ukrainian president seeks country’s defense spending in 2015 at 3% of GDP

November 05, 2014, 3:26 UTC+3 KIEV
The financing level of defense needs is envisaged at no less than three percent of the country’s overall annual GDP
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KIEV, November 5. /TASS/. Ukrainian President Petro Poroshenko signed a decree on a set of measures aimed at enhancing the country’s defense capabilities as part of the Ukrainian 2015 draft budget, which in particular envisages a three percent share of the country’s annuula GDP in spending for military purposes, the presidential press service said on Wednesday.

“As part of the financial provision for the security and defense sector, the government was in particular ordered to immediately amend the Ukrainian draft budget for 2015 with a special stress on the priority financing of defense programs,” the press service said on its statement.

“The financing level of defense needs is envisaged at no less than three percent of the country’s overall annual GDP,” the statement added.

The president also ordered the government to work out within a month an optimal model for the country’s security provision by means of signing a multilateral agreement or a set of bilateral agreements, which “would provide Ukraine with effective guarantees on protection of its sovereignty and territorial integrity.”

President Poroshenko unveiled in September the Strategy-2020 program, which envisages an increase in the country’s military spending from 1% of gross domestic product (GDP) in 2014 to 5% of GDP in 2020.

The overall number of employees in the Armed Forces of Ukraine stood at 184,000 people, including 139,000 servicemen, in 2012. Ukraine's army is the fifth-largest in Europe.

The Ukrainian president earlier said the strategy of the country’s development until the year 2020 envisages around 60 reforms which “should be launched almost simultaneously.”

The long-term state program envisages a major overhaul of the country’s governmental machinery by 70% and a flow of direct foreign investment to reach $40 billion in the period 2015-2020.

The strategic indicators determine that Ukraine is to enter the list of top 20 countries best for business (now 99th on the Forbes list) and its GDP per capita to climb to $16,000 (now $8,500).

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