On Wednesday, 13 November, the Ministry of Finance of Ukraine and the World Bank signed three agreements worth $750 million as part of the project ‘Supporting Recovery through Sound Fiscal Management’.
This is stated on the website of the Ministry of Finance.
‘The implementation of the Support for Ukraine's Recovery through Responsible Fiscal Governance (SURGE) project will help the Government of Ukraine improve the public investment management process, making it more efficient and transparent. This is an important step to further meet the needs of Ukraine's recovery,' said Minister of Finance Serhiy Marchenko.
Ukraine and the World Bank signed three agreements within the SURGE project:
- a $450 million loan from the International Bank for Reconstruction and Development (IBRD) from the Trust Fund for Assisting Ukraine with Necessary Credit Support (ADVANCE Ukraine), supported by the Government of Japan
- a $300 million loan agreement from the Bank's Special Recovery Programme for Ukraine and Moldova (SPUR) under the Bank's Crisis Fund;
- a 10 million grant agreement under the Strengthening the Government's Capacity to Implement Fiscal Reform (STRONG) investment component from the Ukraine Recovery, Rehabilitation, Trust Fund (URTF).
Ukraine is expected to receive $400 million by the end of the year.