These funds will be used to support health care, education, pensions, social assistance programs and wage funding.
Ukraine will receive an additional $1.75 billion in aid from allies through the World Bank (WB) in the form of guaranteed loans and grants. This was announced yesterday by the bank’s press service.
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We are talking about the allocation of funds within the framework of the PEACE – Public Expenditure Support project to ensure sustainable public administration in Ukraine.
This funding consists of a $500 million World Bank loan guaranteed by the United Kingdom, a $1.25 billion grant from the United States and a $15 million grant from the Government of Finland.
These additional funds will be used to support health care, education, pensions, social assistance programs and pay salaries for workers who provide essential public services.
The funds will be transferred to Ukraine after the World Bank receives confirmation of the implementation of the agreed expenditures.
The WB recalled that since June 2022, since the existence of the PEACE project, it has financed the salaries and social benefits of about 13 million Ukrainians, including 10 million pensioners, 500 thousand teachers, 145 thousand civil servants, 56 thousand employees of the State Emergency Service and more than three million recipients of social assistance and internally displaced persons.
The PEACE project consolidates loans and grants (so far totaling more than $19.7 billion) from the World Bank and other development partners.
Including the new aid package, the amount of emergency financing mobilized by the World Bank in support of Ukraine reached approximately $35 billion.
Earlier on Monday, it became known that Ukraine received a 63 million euro loan from the World Bank. This money will be used to partially restore the state budget for the salaries of government employees and teachers.
The World Bank has also reportedly worsened the forecast for the Ukrainian economy.
Source: korrespondent
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