World Bank allocates grant of $4.5 billion to Ukraine

10 August, 01:41 PM
Grant funds were provided by the United States (Photo:@john-guccione-www-advergroup-com/pexels)

Grant funds were provided by the United States (Photo:@john-guccione-www-advergroup-com/pexels)

Ukraine and the World Bank have signed an agreement providing a grant of U.S. $4.5 billion to Ukraine, the Ukrainian Ministry of Finance said in a statement released on Aug 9.

“Finance Minister Serhiy Marchenko and World Bank Regional Director for Eastern Europe (Belarus, Moldova and Ukraine) Arup Banerji signed an agreement to provide Ukraine with a grant of $4.5 billion,” the statement reads.

The statement also notes that the grant funds were provided by the United States. They were sent to the Multi-Donor Trust Fund as a part of the Public Expenditure Support for Sustainable Public Administration project in Ukraine.

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“I express my gratitude to the government of the United States of America and the World Bank team,” Marchenko said during the signing of the agreement.

“Thanks to their efforts, the Ukrainian government continues to ensure the regular payment of wages, social and pension payments in the face of the fight against the aggressor. Grant financing is extremely important for us, as it allows us to reduce the debt burden on the state budget of Ukraine and think about the post-war reconstruction of Ukraine.”

The $4.5 billion Multi-Donor Trust Fund grant will be used to provide pension benefits and to fund selected government social assistance programs, such as housing and communal services, support for low-income families, children with disabilities, and internally displaced people, and also to pay for medical services under the program of medical guarantees.

In early June, the World Bank's Board of Executive Directors approved additional funding of $1.5 billion for Ukraine.

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