The Ukrainian Ministry of Finance announced on Monday that it had received $1.34 billion in additional financing from the World Bank as part of the Public Expenditure for Administrative Capacity Building Project.
The financing consists of a $1.086 billion loan from the World Bank through the Trust Fund to Enhance Credit Availability for Ukraine with a guarantee from the Government of Japan.
The sixth additional financing also includes a grant component of $190 million from Norway through the Ukraine Humanitarian, Recovery, Reconstruction and Reform Trust Fund, $50 million from the United States government, and $20 million from the Swiss government.
The funds will be used to partially compensate for non-security and non-defense expenditures of the Ukrainian budget, including pension payments and salaries of employees of the State Emergency Service.
Ukrainian Finance Minister Serhiy Marchenko said that “international financial assistance represents a significant contribution to maintaining the financial and economic stability of Ukraine and allows us to provide priority social expenditures during the war.”
Marchenko added that “since the beginning of the war, the governments of Japan, the United States, Norway, and Switzerland have shown their unwavering support and solidarity for Ukraine.”
The financing is the latest in a series of international efforts to support Ukraine’s economy and people in the wake of Russia’s invasion.
The World Bank has been a leading provider of financial assistance to Ukraine, providing over $4 billion in loans and grants since the start of the war.
The United States, the European Union, and other countries have also provided billions of dollars in aid to Ukraine, including military assistance.
The funding is expected to help Ukraine maintain essential services and support the people who have been affected by the war.
