Ukraine gets $1 billion from Japan and UK to support economic development

“The funds will be used to boost economic development and finance priority social and humanitarian spending in the State Budget,” said Serhiy Marchenko, Minister of Finance.

The financing includes $567 million backed by the Japanese government under the Advance Ukraine trust fund, and $483 million guaranteed by the UK government.

The DPL project aims to support reform efforts in Ukraine.

“Ukraine receives the tranche based on progress in implementing program requirements,” the Ministry said, adding that key reforms in customs, tax policy, anti-corruption, state-owned enterprises, private sector growth, and logistics infrastructure have been achieved.

In December, the World Bank's Executive Directors approved a $1.05 billion development loan for Ukraine, funded by the International Bank for Reconstruction and Development (IBRD).

The loan is co-financed by a $1 billion grant from the F.O.R.T.I.S. Ukraine FIF, which recently received a $20 billion contribution from frozen Russian assets.