Ukraine receives $1 billion from UK and Japan
Photo: Prime Minister Denys Shmyhal (Vitalii Nosach/RBC-Ukraine)
Ukraine's state budget has received a $1 billion tranche under the World Bank’s Development Policy Loan (DPL) program, "Foundations for Growth," Ukraine's Prime Minister Denys Shmyhal reports.
According to the Ministry of Finance's press service, the funding consists of $567 million guaranteed by the Government of Japan under the ADVANCE Ukraine Trust Fund and $483 million guaranteed by the Government of the United Kingdom.
"The funds raised will be used to increase the economic development capacity and finance the priority social and humanitarian expenditures of the State Budget of Ukraine," said Ukraine's Minister of Finance, Sergii Marchenko.
The DPL project's purpose is to support the implementation of reforms in Ukraine. Based on the results of implementing the program's requirements, Ukraine receives the corresponding tranche.
The tranche has been achieved through results ensuring sustainable growth in areas such as customs and tax policy, combating corruption, supporting state-owned enterprises, developing the private sector, and enhancing logistical infrastructure.
"Ukraine is committed to the reform agenda even under martial law. First and foremost, it contributes not only to attracting critical resources but also to further economic growth and recovery, as well as to contributing to the country's further European integration," added Deputy Minister of Finance Olga Zykova.
Earlier, on December 20, Marchenko and Bob Som, the World Bank's regional director for Eastern Europe, signed financial agreements within the program.
As Prime Minister Denys Shmyhal reported, direct budgetary support from Western countries in 2024 will amount to 41 billion hryvnias ($978,483), with an expected 38 billion hryvnias ($906,886) in the following year.
