World Bank approves additional $1.5 billion in government financing for Ukraine

8 June, 03:49 PM
World Bank logo (Photo:PrincyGupta2012/Twitter)

World Bank logo (Photo:PrincyGupta2012/Twitter)

The World Bank Board of Executive Directors approved additional funding for Ukraine in the amount of $1.5 billion, the World Bank said in a press release on June 7.

The project, named Public Expenditure Support for Sustainable Public Administration in Ukraine, received financial guarantees from the UK, the Netherlands, Lithuania and Latvia; parallel funding from Italy, and expected future guarantees from Denmark.

The World Bank noted that this new funding is part of a support package of more than $4 billion that the bank is mobilizing. About $2 billion of these funds have already been disbursed to the Ukrainian state.

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On May 8, Ukraine's Ministry of Finance announced that the World Bank would provide a $1.5 billion loan to be used to make up for losses in the payroll for public sector workers.

Ukraine’s GDP is forecasted to fall by at least 30% this year, due to the full-scale Russian invasion. 

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