World Bank donates €63 mln to Ukraine for teachers' salaries
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The state budget received funds from the World Bank in the amount of 63 million euros, which will be used to finance payments to teachers.
The press service of the Ministry of Finance of Ukraine reported this.
"Today, June 19, the State Budget of Ukraine received financing in the amount of 63 million euros from the World Bank.
It is noted that the funds were provided by the International Development Association (IDA) on preferential terms as part of the World Bank Supporting Public Expenditure to Ensure Sustainable Public Administration in Ukraine (PEACE) project. The loan repayment period is ten years, with a 4-year grace period.
The funds will be directed to the partial reimbursement of State Budget expenditures made to ensure the payment of state agency employees and teaching staff for February and March 2023.
For reference:
Since February 2022, the World Bank Group has mobilized over $23 billion in emergency funding to sustain public services for Ukrainians, including wages, pensions, and social programs. Donors have helped blunt the human and economic impacts of the war.
The majority of the crisis funding allocated to Ukraine, which amounted to nearly $18 billion, was distributed through the Public Expenditures for Administrative Capacity Endurance (PEACE) Project. The PEACE Program was established by the World Bank to be the primary channel of financial assistance to Ukraine, allowing other international donors to collaborate in providing swift, targeted, and dependable aid.
