The loan aims to fund the salaries of major categories of civil servants, as well as the salaries of education workers.
A $ 1.5 billion loan from the World Bank to Ukraine will be provided in several tranches monthly, Arup Banerjee, WB Regional Director for Eastern European Affairs, Interfax-Ukraine writes on Wednesday, June 8th.
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“Under this funding option, the World Bank promises to reimburse the government for all salary payment costs to the major categories of civil servants, as well as the salaries of education workers on a monthly basis (beginning in March, after the start of the war, at least until the end of the year), provided that wages are actually paid in full, “he said.
Banerjee clarified that the loan was approved as part of the Public Expenditure Support for Sustainable Governance in Ukraine project and it is not a development policy loan.
“Thus, after disbursing the initial significant amount of reimbursement for the period from March to May, the remaining amount will be paid monthly based on confirmation of actual costs,” he said.
The World Bank believes that this will help Ukraine maintain and protect the potential of the government both in the current military situation and then restore the economy.
It should be noted that this loan is backed by financial guarantees from Great Britain, the Netherlands, Lithuania and Latvia.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.