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Ukraine received $1.34 bln under World Bank project – finance ministry

Ukrainian Minister of Finance Serhiy Marchenko attends an interview with Reuters during the annual meeting of the International Monetary Fund and the World Bank, following last month’s deadly earthquake, in Marrakech, Morocco, October 14, 2023. REUTERS/Susana Vera/File Photo 

On Monday, the Ukrainian finance ministry announced that Ukraine has received $1.34 billion under the World Bank’s initiative for public expenditures aimed at enhancing administrative capacity endurance in the country.

According to the ministry’s statement, the financing comprises a $1.086 billion loan from the World Bank, a $190 million grant from Norway, a $50 million grant from the United States, and a $20 million grant from Switzerland.

The funds are intended to partially offset non-security and defense-related expenses in the Ukrainian state budget. This includes allocations for old-age social payments and remuneration for employees of the state emergency service.

Ukraine’s Finance Minister, Serhiy Marchenko, emphasized the significance of international financial assistance in maintaining the country’s financial and economic stability. He noted that such support allows Ukraine to prioritize crucial social expenditures, especially during the ongoing conflict.

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