The state budget of Ukraine has received grant funds in the amount of $1.215 billion through the World Bank’s Multi-Donor Trust Fund. In particular, Ukraine received $1.2 billion from the United States of America and $15 million from Finland.
The grants were provided as part of the fifth additional financing under the PEACE in Ukraine project. The project aims to partially compensate for state budget expenditures, including social and humanitarian expenditures not related to the security and defense sector.
The grant funds will be directed to pay wages for government employees and teachers, pension payments, as well as payments under certain state social assistance programs (IDPs, people with disabilities, low-income families and housing and utility subsidies).
“I am grateful to the Governments of the United States, Finland and the World Bank team for our fruitful cooperation and significant support in providing humanitarian and social expenditures during a full-scale war. Grant funding allows us not to increase the debt burden and contributes to the financial stability of Ukraine,” said Minister of Finance of Ukraine Sergii Marchenko.
The Ministry of Finance of Ukraine, together with the World Bank, implements the PEACE in Ukraine Project and ensures the transparency of the attraction and use of funds provided by development partners. The Ministry of Finance monitors the use of direct budget support from the US Government in cooperation with Deloitte Consulting, which implements the USAID SOERA project, and performs a verification according to agreed procedures to determine the eligible public expenditures made by Ukraine in 2022 under the Project with the auditing company PriceWaterhouseCoopers Ukraine.
Ukraine is implementing a joint project with the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) entitled Public Expenditures for Administrative Capacity Endurance in Ukraine for a total of $16.5 billion and EUR 1.4 billion (IBRD loans, IDA loans and grants from the Multi-Donor Trust Fund). (Government portal/Business World Magazine)
