KIEV - The Ukrainian parliament voted on Wednesday to allocate an additional 495.3 billion hryvnias (about $11.96 billion) for defense, the country's Finance Ministry said.

The voting was supported by 298 votes in favor, surpassing the required minimum of 226, said lawmaker Yaroslav Zheleznyak.

ALSO READ:US urged to stop creating division, antagonism on Ukraine crisis

With the sum, Ukraine's expenditures for defense will reach 3.73 trillion hryvnias (about $90 billion) in 2024, Zheleznyak wrote on Telegram.

Ukraine will source additional funds for military needs from hiked taxes and additional placement of domestic government debt bonds, among other sources, according to lawmaker Rolsolana Pidlasa.

Last year, Ukraine spent about 64 billion dollars, or about 40.5 percent of its gross domestic product on defense.