Finland’s government proposes amendments to budget to include support for Ukraine

Finland’s Government has submitted to Parliament a proposal to amend the 2024 budget. Among others, the proposal includes amendments related to support for Ukraine.

This is said in a statement published on Finland’s government portal, Ukrinform reports.

According to the statement, an increase of EUR 95.7 million is proposed to the maximum amount of Ukraine’s Defence Forces’ 2023 materiel procurement authorisation for 2024–2028. The proposal will cover the cost of materiel replacements resulting from the 19th materiel package granted to Ukraine. The increase in appropriations in 2024 would total EUR 20.7 million.

It also provides funding for the participation of Finnish businesses in Ukraine’s reconstruction efforts.

“In this context, the Government proposes increasing Finnfund’s capital by EUR 25 million to be used for investments and loans targeted at Ukraine. At the same time, the Government proposes that the central government issue a loss compensation commitment under the Act on the Finnish Fund for Industrial Cooperation Ltd to cover 80 per cent of the value of investments, or a total of no more than EUR 20 million,” the statement says.

In addition, the Government proposes that Parliament give its consent for government agencies to compensate for up to EUR 50 million in credit losses from export guarantees granted to promote exports and investments in Ukraine.

The budget of Finland’s Defense Ministry for 2024 envisages EUR 242 million for the renewal of military equipment supplied to Ukraine.

As Ukrinform reported, a week ago, Finland decided to provide Ukraine with a new military aid package.