World Bank allocates over $1 billion to Ukraine
Prime Minister of Ukraine Denys Shmyhal (Vitalii Nosach, RBC-Ukraine)
The World Bank is allocating an additional $1.34 billion to Ukraine, according to the Prime Minister of Ukraine Denys Shmyhal.
"These funds will be directed towards retirement benefits, teacher salaries, support for the Armed Forces, and other priority areas of the state budget," said the head of the government.
The majority of this funding package comes from the Japanese government ($1.086 billion). The remaining portion consists of grants from the United States, Switzerland, and the Ukraine Reform Trust Fund (URTF).
According to Shmyhal, the financial assistance from international partners enables Ukraine to maintain macroeconomic stability, with all domestic resources directed towards the needs of the military.
Backstory
In early December, the World Bank announced that Ukraine would receive $1.2 billion in financial support.
The funds were earmarked under the guarantees of the Japanese government and intended to support 29 social assistance programs for the most vulnerable segments of the population.
On December 12, Ukrainian President Volodymyr Zelenskyy met with the World Bank President, Ajay Banga, during his visit to Washington. The discussions revolved around financial support for Ukraine amidst the ongoing war, as well as the possibility of utilizing frozen Russian assets for the country's reconstruction.
