Budget 2026: Pros and Pitfalls
Defense, loans, and the state apparatus are the priorities for next year's budget. Social spending is being cut, and the share of investments is falling by half.
The Verkhovna Rada is preparing to consider the 2026 draft state budget in its second reading. The document prioritizes funding for the country’s armed resistance against the aggressor, while also introducing new social, healthcare and education programs.
However, it reduces the real value of social security spending, increases allocations for public administration and debt servicing without clear justification, scales back the investment component, and introduces more advanced approaches to managing public investments.
In the draft budget, consolidated budget revenues are projected at UAH 3.5 trillion, or 34% of GDP. At first glance, this seems to indicate a decrease in revenues compared with 2024 and 2025.
No clear justification for increased allocations.
Author's summary: Budget 2026 prioritizes defense and state apparatus.
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