The World Bank will provide Ukraine with a grant of $1.35 billion and €10.8 million under the PEACE in Ukraine project. The funds will be used for social and humanitarian needs of the state budget.

Ukraine has received a new grant for social needs under the World Bank's PEACE in Ukraine project. This was reported by the Ministry of Finance of Ukraine, UNN reports.

Details

Minister of Finance of Ukraine Sergii Marchenko and World Bank Regional Director for Eastern Europe Bob Som have signed a grant agreement to finance Ukraine's public expenditures under the project "Public Expenditure Support for Enhanced Accountability in Ukraine" (PEACE in Ukraine). The project aims to partially cover the social and humanitarian needs of the state budget, excluding defense and security expenditures.

The new agreement provides for a tranche of USD 1.35 billion, which is a grant from the United States government, as well as EUR 10.8 million from a multilateral trust fund to co-finance economic reforms in Ukraine. These funds are expected to be transferred to the state budget of Ukraine in the coming days.

Since the start of the full-scale invasion, PEACE in Ukraine has provided almost $28 billion and more than €1.4 billion in budget support to Ukraine.

When attracting these funds, the Ukrainian Ministry of Finance pays special attention to the transparency of the use of international financial assistance. Together with Deloitte Consulting, the USAID SOERA project monitors the allocation of budget funds, and the auditing company PriceWaterhouseCoopers Ukraine conducts expenditure audits according to approved procedures to determine the legitimacy of all expenditures under the PEACE in Ukraine project.

Ukraine received $1.34 billion under the World Bank project: where will the money goDecember 25 2023, 09:53 AM • 28474 views