Ukraine is set to receive a new tranche from the World Bank: here's how the billions of dollars will be allocated.
Ukraine has received a new grant for social needs under the World Bank project PEACE in Ukraine. This was reported by the Ministry of Finance of Ukraine, as conveyed by UNN.
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The Minister of Finance of Ukraine, Serhiy Marchenko, and the Regional Director of the World Bank for Eastern Europe, Bob Som, signed a grant agreement to finance Ukraine's government expenditures under the project "Support for Government Expenditures to Ensure Sustainable Public Governance in Ukraine" (PEACE in Ukraine). The project's aim is to partially cover the social and humanitarian needs of the state budget, excluding defense and security expenditures.
The new agreement provides for a tranche of $1.35 billion, which is a grant from the United States government, as well as €10.8 million from a multilateral trust fund to co-finance economic reforms in Ukraine. It is expected that these funds will be allocated to the state budget of Ukraine in the coming days.
Since the beginning of the full-scale invasion, the PEACE in Ukraine project has provided Ukraine with nearly $28 billion and over €1.4 billion in the form of budget support.
The Ukrainian Ministry of Finance, while attracting these funds, pays special attention to the transparency of the use of international financial assistance. In collaboration with Deloitte Consulting, under the USAID SOERA project, monitoring of budget fund allocations is being conducted, while the auditing firm PriceWaterhouseCoopers Ukraine performs audits of expenditures according to approved procedures to ensure the legitimacy of all expenses within the PEACE in Ukraine project.