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Ukraine receives EUR 189.32m from World Bank

Ukraine receives EUR 189.32m from World Bank
Photo: ABS-CBN News

The general fund of the state budget of Ukraine received EUR 189.32 million from the World Bank. Funds were provided on concessional terms from the International Development Association (IDA), the Ukrainian Finance Ministry has said on its website.

"I am grateful to the World Bank team for supporting the financial stability of Ukraine. The raised funds will allow to reimburse the priority social expenditures of the state budget, in particular, the financing of the wages of the public sector employees, as well as to further ensure sustainable state administration in Ukraine," said Finance Minister Serhiy Marchenko.

The loan was provided under the Agreement on financing the project Public Expenditures for Administrative Capacity Endurance (PEACE) in Ukraine between Ukraine and the International Development Association (IDA).

The repayment period is 10 years with a 4-year grace period.

The funds will be directed to partial reimbursement of state budget expenditures made to ensure the payment of wages to employees of state bodies and teaching staff for February 2023.

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