The Ministry of Finance of Ukraine and the World Bank have signed a grant agreement for a total amount of USD 690.8 million. The funds are mobilised under the project “Public Expenditures for Administrative Capacity Endurance” (PEACE in Ukraine).
The funds are part of the G7’s USD 50 billion Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism. This represents the final tranche from Canada under the instrument and the first tranche from Japan.
The Grant Agreement was signed on behalf of Ukraine by Minister of Finance of Ukraine Sergii Marchenko, and on behalf of the World Bank by Regional Country Director for Eastern Europe Bob Saum. The signing ceremony was also attended by Ambassador Extraordinary and Plenipotentiary of Japan to Ukraine Masashi Nakagome, and Deputy Head of Mission at the Embassy of Canada to Ukraine Chrystiane Roy.
The grant financing will be transferred to the general fund of the State Budget of Ukraine in the near future.
The funds will be used to reimburse key government expenditures, in particular old age social payments and the implementation of state social assistance programmes, including housing and utility subsidies.
The grant funding is provided through contributions from international partners:
The PEACE in Ukraine project has been implemented since June 2022 in response to the full-scale armed aggression of the russian federation against Ukraine and aims to ensure the uninterrupted performance of key government functions at both national and regional levels under martial law. Following the receipt of this grant, the total volume of financing mobilised under the PEACE in Ukraine project will reach USD 51.7 billion.
Source: https://mind.ua
