Ukraine receives $485 mln boost from US and World Bank within PEACE in Ukraine project
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The State Budget of Ukraine has received a tranche of 485 million US dollars under the World Bank project "Support for Public Expenditures to Ensure Sustainable Public Governance in Ukraine" (PEACE in Ukraine).
The Ministry of Finance of Ukraine reported that.
It should be noted that the United States is providing 465 million US dollars in direct budget support for the current year, with an additional 20 million US dollars coming from the World Bank through the Multi–Donor Trust Fund to co-finance the PEACE in Ukraine project.
Financing within the framework of PEACE in Ukraine is aimed at compensating social and humanitarian expenditures of the state budget. The funds raised will help ensure assistance payments to internally displaced persons and persons with disabilities.
"Cooperation with the United States and the World Bank team is helping the government to ensure key social budget expenditures from the first days of a full-scale war. I am grateful to the partners for coordinating efforts and providing invaluable assistance," Minister of Finance Serhii Marchenko said.
From 2022 to 2024, direct budget support from the United States to Ukraine exceeded $30 billion. Provided through the United States Agency for International Development (USAID) in coordination with the US Department of the Treasury and the US Department of State, the funding helped the Ukrainian government ensure the salaries of employees of state institutions that provide essential public services to the population of Ukraine, support the continuity of the functioning of the state and the financial stability of Ukraine in conditions of full-scale war.
The USAID SOERA project and DBS Audit Activity are working together to monitor US government financial assistance use. The auditing company, PriceWaterhouseCoopers Ukraine, is also conducting an audit using agreed-upon procedures to determine the allowable expenditures made by Ukraine under the PEACE in Ukraine project.
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It should be noted that Prime Minister Denys Shmyhal announced the receipt of the first billion dollars of a $20 billion loan secured by proceeds from frozen Russian assets.
It should be noted that Ukraine was granted a loan of $50 billion, which will be repaid with the proceeds from frozen Russian assets. However, only the G7 countries agreed to make contributions to this loan.
