The Power Within: The Kyiv Independent’s first-ever magazine. Be among the first to get it.

pre-order now
Skip to content
The World Bank Group headquarters in Washington, DC on Sept. 27, 2022. (Samuel Corum/Bloomberg via Getty Images)
This audio is created with AI assistance

The Ukrainian government decided to attract a $3.9 billion grant from the U.S. for salaries and social support programs, Prime Minister Denys Shmyhal announced on his Telegram channel on July 23.

The funds will be delivered "soon" through the World Bank, according to Shmyhal.

As the ongoing full-scale Russian invasion continues to put pressure on Ukraine's economy and business, the World Bank plays one of the most crucial roles in supporting the country's economic sector.

"The government will use this money to pay salaries to rescuers, teachers, doctors, and social support programs. We expect to receive this grant in the near future," Shmyhal said.

The World Bank said that 1.8 million more Ukrainians are living in poverty than in 2020, in a report released on May 29.

The report was based on a survey conducted in collaboration with the Kyiv International Institute of Sociology (KIIS). It found that 9 million Ukrainians, out of a total estimated population of 32 million, were living in poverty.

While the situation is dire, the World Bank said it would be much worse if Ukraine had not received foreign aid to help pay for pensions and salaries.

Ukraine reaches preliminary deal with bondholders on debt restructuring
Based on the deal, Ukraine stands to save $11.4 billion over the next three years and $22.75 billion by 2033, Prime Minister Denys Shmyhal explained.

News Feed

5:15 PM

Alexander Vindman: Trump repeats past US mistakes with Russia.

Alexander Vindman served as the director of European affairs for the United States National Security Council in 2018-2020, during U.S. President Donald Trump's first administration. The Kyiv Independent's Kate Tsurkan sits down with Vindman to discuss how Washington has historically misjudged Russia, "succumbing to hopes and fears," and why there is no real prospect of peace between Ukraine and Russia now.
12:24 PM

Ukraine receives $400 million tranche from IMF.

The funds represent the latest tranche of the Extended Fund Facility (EFF) program, which will provide Kyiv with $15.6 billion in budget support over four years. With the additional $400 million in funding, the program has now distributed $10.1 billion in financing to Ukraine.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.