Ukraine receives substantial financial aid package from US
Photo: Denys Shmyhal, Prime Minister of Ukraine (Vitalii Nosach/RBC-Ukraine)
Ukraine received 4.8 billion dollars from the United States within the PEACE project. The funds will support the implementation of reforms and the country's recovery, the official Telegram channel of Denys Shmyhal, Prime Minister of Ukraine, reports.
"Ukraine received 4.8 billion dollars from the World Bank as part of the PEACE project. This is the largest investment project in the bank's history, initiated to support our country in implementing reforms in the social, education, healthcare sectors, as well as the agricultural producers and recovery projects," stated the Prime Minister of Ukraine.
According to Shmyhal, Ukraine has already received almost 50 billion dollars through the World Bank mechanism since the beginning of Russia's full-scale invasion.
"We are extremely grateful to the United States and our development partners who are financing assistance within the PEACE project," the Prime Minister of Ukraine added.
PEACE project
The Public Expenditures for Administrative Capacity Endurance (PEACE) Project, created by the World Bank, is aimed at financing Ukraine's social and budgetary needs. It provides funds for pension payments to the elderly, assistance to internally displaced persons (IDPs), salaries for educators and emergency services workers. The bank has implemented a rigorous monitoring system to ensure transparency and effectiveness in using funds to prevent corruption and control spending.
Financial support for Ukraine
Financial support for Ukraine during the war covers a wide range of needs, including assistance for social payments, infrastructure recovery, humanitarian aid, as well as the supply of weapons and military equipment. International partners, such as the USA, the EU, the UK, and other countries, along with financial institutions, provide these resources through grants, loans, and targeted aid to strengthen Ukraine's defense capabilities and stability.
Recently, Lithuania's Minister of Finance, Gintarė Skaistė, announced that her country would direct 10 million euros to the World Bank Trust Fund, which was established to support Ukraine's recovery, reconstruction, and reforms.
