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Ukraine receives $4.8 billion from World Bank

by Martin Fornusek and The Kyiv Independent news desk November 27, 2024 11:09 AM 1 min read

The World Bank headquarters in Washington, DC, on Sept. 27, 2022. Photo for illustrative purposes. (Samuel Corum/Bloomberg via Getty Images)

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Ukraine has received a $4.8 billion loan from the World Bank through the PEACE project for social expenditures, Prime Minister Denys Shymhal said on Nov. 27.

"We are very grateful to the United States and the development partners who are financing assistance under the PEACE project," Shmyhal said on X.

As the ongoing full-scale Russian invasion continues to put pressure on Ukraine's economy, the World Bank plays a crucial role in supporting the country.

The Public Expenditures for Administrative Capacity Endurance Project (PEACE) helps to provide funding for pensions, support for internally displaced persons (IDP), and salaries for teachers, first responders, and other state employees.

"We thank the World Bank for its continued commitment and active support of initiatives that strengthen Ukraine."

Finance Minister Serhii Marchenko and the World Bank's Eastern Europe Operations Manager Kevin Tomlinson signed the agreement for the loan on Nov. 22.

Since the beginning of the full-scale invasion, about $35.5 billion has already been allocated through the PEACE project to support social expenditures of Ukraine's State Budget, Ukraine's Finance Ministry said.

Authors: Martin Fornusek, The Kyiv Independent news desk

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