Ukraine will receive a $3.9 billion grant from the US
Ukraine will soon receive a grant from the United States, worth almost 3.9 billion dollars. The Minister of Finance of Ukraine, Serhiy Marchenko, and the Regional Director of the World Bank for Eastern Europe, Bob Som, signed an agreement in this regard, reports the Ministry of Finance of Ukraine.
"The effective functioning of the Government, together with considerable support from international partners, allows ensuring the stability of the financial system in the conditions of large-scale armed aggression by the Russian Federation against Ukraine. I am grateful to the United States and the World Bank team for their collaboration, which has resulted in the mobilization of critically important resources. This represents a necessary and timely financing to support the liquidity of the state budget", said the Minister of Finance of Ukraine, Serhiy Marchenko.
Funds raised will be used to pay the salaries of teachers, employees of the State Emergency Service, employees of state agencies, as well as payments to internally displaced persons, low-income families and people with disabilities.
This is the first tranche of direct budget support from the United States in 2024. The total volume of US financial assistance for the current year is planned at $7.8 billion.
The funds will be transferred through the "Public Expenditure Support for Ensuring Sustainable Governance in Ukraine" project. The project is a key financial instrument of the World Bank for aid to Ukraine. Since the beginning of the full-scale invasion by Russia, this project has been rallying the efforts of foreign donors to provide critical support to the Government of Ukraine.
Through the PEACE project in Ukraine, more than 25 billion dollars have already been attracted to the state budget, starting from June 2022. This agreement will increase the amount of budget support under the project to almost 30 billion dollars, of which more than 80% are funds from the United States.
