Finance Ministry attracts over $93B in budget support from int’l partners since invasion

This was reported by the press service of the Ministry of Finance, Ukrinform saw.

"Since February 2022, the Ministry of Finance of Ukraine has secured over USD 93 billion in budget support from international partners. These funds have been essential for addressing priority needs in the social and humanitarian sectors, such as social support programs, old-age social payments, salaries for civil servants and others," ​​the statement reads.

The substantial financial assistance reflects the trust placed in Ukraine as a reliable partner, the ministry adds.

"Transparency and accountability are key to our cooperation with donors," underlines the report.

It is noted that the Ministry of Finance, in cooperation with the World Bank, ensures the transparency of both securing and utilizing funds from development partners. To date, Ukraine has received approximately USD 40 billion through World Bank mechanisms, with these funds allocated for specific purposes agreed upon by both the Ukrainian Government and its partners.

EACE in Ukraine is the largest funding initiative in World Bank history, with nearly USD 30 billion allocated to the State Budget of Ukraine. Over 80% of this funding comes from the United States. PEACE in Ukraine is also funded by the World Bank, Japan, the United Kingdom, Norway, and other development partners.

It is noted that the Ukrainian side submits expenditure reports for the World Bank to check and verify the documents. Upon successful verification, funds through the PEACE in Ukraine project are transferred to the state budget of Ukraine to cover previously incurred costs.

According to the report, the Ministry of Finance of Ukraine, together with Deloitte Consulting, is monitoring direct budget support from the U.S. Government, while PricewaterhouseCoopers Ukraine audits the legitimacy of public expenditures within the framework of the PEACE in Ukraine project.

In addition, the Ministry of Finance and the World Bank implement a multi-level monitoring system for fund allocation through other World Bank projects, including DPL/DPO, HOPE, ARISE, and HEAL.

With regard to EU macro-financial assistance programs, for which more than EUR 25 billion was laid down in 2022-2023, the Ministry of Finance has systematically engaged with the EU in terms of overseeing financing, introducing data exchange.

Within the framework of Ukraine Facility for 2024-2027, worth EUR 50 billion, of which EUR 7.9 billion have already been attracted, the EU created an Audit Board for constant monitoring and control in order to prevent abuse.

Also, the Ministry notes that the Audit Council, established as part of the EU’s Ukraine Facility, is entitled to enquire information, reach out to the competent authorities, and run its own inspections.

As Ukrinform reported earlier, as of June 2024, within the framework of the Ukraine Defense Contact Group, $98 billion worth of aid has been allocated for Ukraine.