Ukraine receives $1.34B under World Bank project

Ukraine has received USD 1.34 billion as the sixth additional financing under the World Bank's Public Expenditures for Administrative Capacity Endurance (PEACE) project.

According to Ukrinform, this was reported by the Ministry of Finance.

"The financing consists of a loan from the World Bank in the amount of USD 1.086 billion, which came through the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund under the guarantee of the Government of Japan," the statement said.

The sixth additional funding for PEACE in Ukraine also includes a grant component: USD 190 million from Norway through the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF), USD 50 million from the United States government, and USD 20 million from the Swiss government.

The funds will be used to partially compensate for non-security and non-defense expenditures of the Ukrainian state budget, including pension payments and payments to employees of the State Emergency Service.

"International financial assistance is a significant contribution to maintaining Ukraine's financial and economic stability 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 to Ukraine. I am grateful to our partners for their willingness to cooperate and help us at a crucial time for Ukraine," Minister of Finance of Ukraine Sergii Marchenko emphasized.

As reported, on December 21, the Ministry of Finance of Ukraine attracted EUR 1.5 billion from the European Union to the state budget. This is the last tranche under the large-scale macro-financial assistance program (MFA+) of EUR 18 billion for 2023.