Ukraine has received $1.34 billion from the World Bank and its partners to support social spending
The information was reported by the press service of the Ministry of Finance of Ukraine.
The funds will be directed towards partially compensating expenses of Ukraine’s state budget unrelated to the areas of security and defense, particularly for pension payments and salaries for the employees of the State Emergency Service (SES).
This marks the sixth additional funding for the World Bank project “Support to State Expenditures to Ensure Sustainable Public Financial Management in Ukraine” (PEACE in Ukraine).
The financing includes a World Bank loan of $1.086 billion, received through the Targeted Fund for Providing Necessary Credit Support to Ukraine (ADVANCE Ukraine), under the guarantee of the Government of Japan.
In addition, the sixth additional funding for the PEACE in Ukraine project includes grants totaling $190 million from Norway, $50 million from the United States government, and $20 million from the Swiss government.
According to the Minister of Finance, Serhiy Marchenko, international financial assistance is a significant contribution to supporting Ukraine’s financial and economic stability and allows for prioritizing social spending during the ongoing conflict.
“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,” commented Marchenko.
This funding serves as crucial support for Ukraine as it continues to resist Russian aggression, helping to meet the basic social needs of Ukrainians and strengthen the country’s financial stability.
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