Today, August 9, Minister of Finance Sergii Marchenko and World Bank Regional Country Director for Eastern Europe (Belarus, Moldova, and Ukraine) Arup Banerji signed the USD 4.5 billion grant Agreement.
The grant funds are provided by the United States of America and directed to the World Bank Trust Fund as part of the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project.
“I am grateful to the Government of the United States of America and the World Bank team. Thanks to their efforts the Ukrainian Government keeps ensuring systematic spending for wages, social and pension payments during the fight against the aggressor. Grant financing is extremely important and allows us to reduce the debt burden on the State Budget of Ukraine and to think about the post-war reconstruction”, said Minister of Finance Sergii Marchenko during the signing of the Agreement.
A project of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) Public Expenditures for Administrative Capacity Endurance in Ukraine is being implemented in Ukraine for a total amount of USD 2.79 billion. These funds are directed to the reimbursement of the state budget expenditures to ensure the remuneration of employees of state bodies and budgetary institutions in the education field at the national and regional levels.
A grant from the Trust Fund of USD 4.5 billion will be directed to provide pension payments and spending on certain programs of state social assistance, such as housing and communal services, support of low-income families, children with disabilities and disabled from childhood, IDPs, and medical services under the medical guarantee program, etc.