Ukraine has been granted a $1.5 billion installment of support from a World Bank initiative, as stated by Prime Minister Denys Shmyhal on Friday.
This funding aids Ukraine in managing its budget and social expenditures amid its conflict with Russia.
The country’s financial sustenance majorly comes from Western allies, although there has been a reduction in international funds during the initial months of the year, and a financial aid proposal from the US has faced delays in Congress due to opposition from Republicans.
This latest financial assistance from the World Bank is contributed by the UK and Japan, with Japan providing $984 million and the UK contributing $516 million, aimed at covering expenses for social, humanitarian needs, and reconstruction efforts, as shared by Shmyhal on the social media platform X.
Additionally, Ukraine received a €4.5 billion ($4.9 billion) aid package from the European Union earlier in March.
With most of its revenue allocated for defense since the Russian invasion in February 2022, Ukraine heavily depends on external financial support for its social expenditures.
Finance Minister Serhiy Marchenko highlighted that the government’s effective management and timely international support are crucial for maintaining financial stability amidst ongoing aggression from Russia.
Oleksandr Kubrakov, Deputy Prime Minister of Ukraine, announced that nearly 34 million tons of goods have been exported via the Ukrainian transit corridor in the Black Sea since its operation began in August.
Ukraine launched the corridor after Russia withdrew from an agreement mediated by the United Nations in July, threatening to consider all ships potential military targets.
Kubrakov stated on the Ex platform, “1,140 ships have passed through the Ukrainian corridor, exporting 33.8 million tons of goods to 40 countries worldwide, including 23.1 million tons of Ukrainian agricultural products.”
