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Ukraine receives $1.3 billion in financial support from World Bank

by Nate Ostiller and The Kyiv Independent news desk December 25, 2023 1:08 PM 2 min read
The World Bank Group headquarters in Washington, DC on Tuesday, Sept. 27, 2022. (Samuel Corum/Bloomberg via Getty Images)
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Ukraine received $1.3 billion in financial support from the World Bank through a combination of grants and loans, the Finance Ministry announced on Dec. 25.

The funding is part of the Public Expenditures of Administrative Capacity Endurance program (PEACE) in Ukraine, designed to support the country's social and humanitarian expenditures. The latest tranche was initially announced by the World Bank on Dec. 14.

PEACE funds are used to "provide support for the payment of pensions for the elderly, grants to internally displaced persons, and wages for teachers, first responders, and emergency services staff."

The PEACE project in Ukraine was established in June 2022 to help the country in supporting around 13 million beneficiaries.

Most of the funds ($1.08 billion) received on Dec. 25 came from a World Bank loan backed by the Japanese government. In addition, Ukraine received grants from Norway ($190 million), the U.S. ($50 million), and Switzerland ($20 million).

"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," said Finance Minister Serhii Marchenko.

"I am grateful to the partners for their willingness to cooperate and help at a crucial time for Ukraine."

As of Dec. 14, the World Bank has facilitated more than $39 billion in financing for Ukraine, along with support from other countries.

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