Ukraine is facing an urgent need to find an additional 500 bln hryvnia (about $12.1 bln) by the end of 2024 to ensure its defense capability, according to Ukrainian Prime Minister Denys Shmygal, Paralel.Az reports citing TASS.

"We now have a critical need to raise additional money for our defense capabilities," he said, adding, "This amounts to hundreds of billions of hryvnia. Proposals to tax 500 bln hryvnia have been submitted to the parliament."

Shmygal clarified that 500 bln hryvnia are necessary expenditures specifically for defense and do not include funds needed to finance other needs of the state.

He also said that since February 2022, Ukraine has received more than $100 bln from Western partners. "In two and a half years, thanks to the initiatives of the president, the work of the parliament and the government, we have managed to receive more than $100 bln," he noted.