Ukraine receives $1.34 bn from the World Bank: Funds designation
Photo: Ukraine received $1.34 bn from Japan, US, Norway, Switzerland (bank.gov.ua)
The Ukrainian state budget has received $1.34 billion as the sixth additional funding within the World Bank's Public Expenditures for Administrative Capacity Endurance (PEACE) in Ukraine project, according to the Ministry of Finance's press service.
"The funds will be used to partially compensate for non-security and defense-related expenditures of the Ukrainian State Budget, including old-age social payments and payments to employees of the State Emergency Service (SES)," the Ministry of Finance stated.
The financing consists of a $1.086 billion loan from the World Bank, which came through the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) Trust Fund 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 from Norway through the Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund (URTF);
- $50 million from the United States government;
- $20 million from the Swiss government.
Aid to Ukraine
Last week, the Ministry of Finance reported that donor assistance for 2023 is expected to reach approximately $42.3 billion.
At the same time, the need for external financing for 2024 has decreased from $41 billion to $37.3 billion, thanks to measures to maximize state budget revenues, activate the domestic borrowing market, and other initiatives.
