The Ministry of Finance of Ukraine and the World Bank have signed an agreement to provide grant financing for a total of $690.8 million.
This was reported by the press service of the ministry.
The funds were raised within the framework of the project "Support for Public Expenditures to Ensure Sustainable Public Governance in Ukraine" (PEACE in Ukraine).
The funds are part of the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism of the G7 countries in the amount of $50 billion. This is the last tranche from Canada within the framework of the instrument, and the first from Japan.
The raised grant financing will be transferred to the general fund of the State Budget of Ukraine in the near future.
The funds will be used to reimburse key state expenditures, in particular, to reimburse pension payments and implement state social assistance programs, in particular, for housing and communal subsidies.
Grant funds will be provided through contributions from international partners:
$544 million – contribution from the Government of Japan;
$146 million – contribution from Canada;
$0.8 million – funds from the PEACE in Ukraine Multi-Donor Trust Fund.
The PEACE in Ukraine project has been implemented since June 2022 in response to the full-scale armed aggression of the Russian Federation against Ukraine and is aimed at ensuring the continuous performance of key state functions at the national and regional levels under martial law. The total amount of funding attracted within the framework of the PEACE in Ukraine project, after receiving this grant, will reach $51.7 billion.
Source: https://uaprom.info/news/minfin-ta-svitovyj-bank-pidpysaly-uhodu-pro-hrant-na-690-8-mln-vid-iaponii-ta-kanady/
