KYIV - Ukraine has been forced to spend 245.1 billion hryvnia on its war with Russia instead of development, the finance minister said on Thursday, providing a glimpse into the huge economic cost of Moscow's Feb. 24 invasion.
The government only collected 60% of its planned tax revenue for April, a shortfall that was topped up to the equivalent of 79.5% by grants from foreign partners, Marchenko told Reuters in exclusive written comments. "If we do not take into account foreign aid, we now estimate the receipt of revenues in May-June at the level of 45-50% of planned, provided that the situation does not worsen," Marchenko said.The $8 billion in war expenses equates to more than a month of total state spending as measured by annual 2021 expenditures of 1.84 trillion hryvnias .He listed funds which Ukraine hoped to obtain through a special drawing rights account launched by the International Monetary Fund.
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