Ukraine received $1.34 bln under World Bank project - Finance Ministry
Reuters
December 25, 2023 18:30 MYT
December 25, 2023 18:30 MYT
Ukrainian President Volodymyr Zelenskiy inspects a Leopard 2 tank as he visits a position of Ukrainian troops in a front line, amid Russia's attack on Ukraine, in an undisclosed location, Ukraine October 3, 2023. - REUTERS
KYIV: Ukraine received $1.34 billion under the World Bank's public expenditures for administrative capacity endurance in Ukraine, the Ukrainian finance ministry said on Monday.
The ministry said in a statement the financing consisted of a $1.086 billion loan from the World Bank, $190 million grant from Norway, $50 million grant from the United States and $20 million grant from Switzerland.
The ministry said the funds would be used to partially compensate for non-security and defence-related expenditures of the Ukrainian state budget, including old-age social payments and payments to employees of the state emergency service.
"International financial assistance is a significant contribution to maintaining Ukraine's financial and economic stability and allows us to provide priority social expenditures during the war," Ukraine's finance minister Serhiy Marchenko said.