Ukraine received $1.34 billion under the World Bank project: where will the money go
Kyiv • UNN
Ukraine has received $1.34 billion from the World Bank's PEACE in Ukraine project for state budget needs, such as pensions and payments to rescuers.
Ukraine has received $1.34 billion as part of the World Bank's PEACE in Ukraine project. The funds will be used to partially compensate for state budget expenditures, in particular, for pensions and payments to rescuers, UNN reports with citing the press service of the Ministry of Finance.
Ukraine received USD 1.34 billion as the Sixth Additional Financing under the World Bank project "Public Expenditure Support for Enhanced Sustainable Public Administration in Ukraine" (PEACE in Ukraine)
Details
It is noted that the financing consists of a loan from the World Bank in the amount of 1.086 billion US dollars, which came through the Trust Fund to Provide Necessary Credit Support to Ukraine (ADVANCE Ukraine) under the guarantee of the Government of Japan.
The sixth additional funding for the PEACE in Ukraine project also includes a grant component:
- 190 million dollars USD 190 million from Norway through the Ukraine Recovery, Rehabilitation and Reform of Ukraine (URTF);
- 50 million USD from the Government of the of the United States of America;
- 20 million USD from the Government of Switzerland.
The funds will be used to partially compensate for the expenditures of the state budget of Ukraine not not related to the security and defense sector, in particular, pension payments and payments to to employees of the State Emergency Service of Ukraine (SESU).
"International financial assistance is a significant contribution to the support of financial and economic stability of Ukraine and allows us to provide priority social expenditures during the war. Since the beginning of the full-scale invasion, the governments of Japan, the United States, Norway and Switzerland have repeatedly demonstrated their unwavering support and solidarity with Ukraine", Minister of Finance Sergii Marchenko emphasized.
