Cabinet agrees to attract almost GBP 1.7 bn from Great Britain for additional weapons purchases – Shmyhal
The Cabinet of Ministers has agreed to attract almost GBP 1.7 billion pounds ($2.261 billion) from the United Kingdom for additional weapons purchases, Prime Minister Denys Shmyhal said.
"In the first five months of this year, the government spent virtually 60% of all state budget funds on the defense and security of our country. Every hryvnia that taxpayers paid into the central budget, we directed to defense capability. Today we are making a decision to attract almost 1.7 billion pounds from the United Kingdom for additional weapons purchases," Shmyhal said at a government meeting on Wednesday.
According to him, these funds are planned to be used to purchase Rapid Ranger air defense systems, as well as Marlet light multi-purpose missiles.
"This month, the United Kingdom also announced record assistance for the supply of drones. We are talking about GBP 350 million, which will allow Ukraine to transfer 100,000 drones this year," he added.
Representative of the Cabinet of Ministers in the Verkhovna Rada Taras Melnychuk on Telegram said the main conditions for the implementation of state external borrowing by attracting a consortium loan from Citibank N.A. (London branch) have been approved.
It is envisaged that external state borrowing will be carried out for a total amount not exceeding 1.672 billion pounds sterling, and the loan amount will be used to pay up to 100% of the price of contracts to finance the purchase of defense materials and equipment, equipment, technology transfer or licensing, provision of works, services or other goods, in particular, intangible assets in the defense sector.