Ukraine and the World Bank signed a loan agreement worth $4.8 billion, which Kyiv will use for priority budget expenditures, the Finance Ministry said in a statement.
Finance Minister Serhii Marchenko and the World Bank's Eastern Europe Operations Manager Kevin Tomlinson signed the agreement for the loan on Nov. 22, which falls under the Public Expenditures for Administrative Capacity Endurance (PEACE) project.
As the ongoing full-scale Russian invasion continues to put pressure on Ukraine's economy, the World Bank plays a crucial role in supporting the country.
The agreement provides for financial assistance from the U.S. and other partners. The U.S. government provides funding through the U.S. Agency for International Development (USAID) and in coordination with the U.S. Departments of the Treasury and State.
The funds are then transferred to Ukraine's State Budget within the PEACE project and have gone primarily to the payment of pensions for the elderly, grants to internally displaced persons, and wages for teachers, first responders and emergency services staff.
Since the beginning of the full-scale invasion, about $35.5 billion has already been allocated through the PEACE project to support social expenditures of Ukraine's State Budget, Ukraine's Finance Ministry said.
Alexander Mertens
