Ukraine received 60 million dollars from World Bank

Ukraine received 60 million dollars from the World Bank, which will be directed to the reimbursement of state budget expenditures for the wages of employees of state bodies and budgetary institutions in the field of education.

The press service of the Ministry of Finance reported this.

It is noted that on November 22, 2022, the State Budget of Ukraine received 60 million dollars from the World Bank. Of these funds, 50 million dollars were provided on preferential terms by the International Development Association, and the remaining $10 million — as guarantees from Latvia.

"We are grateful to the government of Latvia and the World Bank team for supporting the financial stability of Ukraine. The funds raised will allow Ukraine to strengthen funding for public sector employees and continue to ensure sustainable public administration in Ukraine," the Minister of Finance Serhii Marchenko said.

The funds will be directed to the reimbursement of state budget expenditures made to ensure the remuneration of employees of state bodies and budgetary institutions in the field of education, both at the national and regional levels.

These loans were granted under the Agreement on providing financing to Ukraine within the framework of the joint project "Supporting public expenditures to ensure sustainable public administration in Ukraine" with the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA).

The loan repayment period from IDA is 10 years with a 4-year grace period; the one-time fee is 0.25%, and the commitment fee is 0.25% per annum of the undrawn balance. The loan repayment period from Latvia is 18.5 years with a 4-year grace period, a one-time fee of 0.25%, and a commitment fee of 0.25%.