KIEV: The Ukrainian Parliament has approved the state budget for 2023, Prime Minister Denys Shmyhal said.

Ukraine's revenues for 2023 are set to reach about 1.3 trillion hryvnias ($35 billion), while state expenditures would amount to 2.6 trillion hryvnias, reports Xinhua news agency.

Defence expenditures will be the key priority in the budget, accounting for 43 per cent of the total spending, Shmyhal said on Telegram.

The war-torn country hopes to cover its budget deficit mainly by using the support from its international partners, namely the European Union, the US and the International Monetary Fund, he added.

The Ukrainian economy is projected to grow 3.2 per cent next year, and inflation will stand at 28 per cent.

The Ukrainian government has estimated that the country's economy will shrink by 32 per cent this year, and inflation will reach 29.3 per cent.

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