World Bank Grants Ukraine 1.5 Billion Tranche

World » UKRAINE | Author: Diana Kavardzhikova |March 29, 2024, Friday // 16:05
Bulgaria: World Bank Grants Ukraine 1.5 Billion Tranche

Ukraine's Prime Minister Denys Shmyhal announced on Friday that the country has obtained a 1.5 billion US dollar tranche from the World Bank program. This funding aims to address budgetary and social expenses amidst the ongoing Russian invasion, as reported by Reuters.

Ukraine's reliance on financial aid from Western allies has been underscored by dwindling foreign financing in the initial months of this year. Compounded by a months-long blockage of a U.S. aid package by Republicans in Congress, Ukraine has been in dire need of support. However, the injection of funds from the World Bank, backed by contributions from Britain and Japan, is set to alleviate some of the strain.

Shmyhal detailed that Japan provided 984 million, with the UK contributing 516 million US dollars to the aid package. These funds are earmarked to cover crucial budget expenditures, particularly focusing on social and humanitarian needs, as well as reconstruction efforts in the war-torn regions.

This recent assistance follows Ukraine's receipt of a substantial 4.5 billion euros first tranche of aid from the European Union earlier in March. With most of its revenues diverted towards defense efforts since the invasion began in February 2022, Ukraine's heavy reliance on support from Western partners highlights the gravity of the situation.

Finance Minister Serhiy Marchenko emphasized the crucial role of timely support from international allies in maintaining stability amidst the ongoing conflict. Despite facing full-scale aggression and daily threats from Russia, effective governance combined with external aid has enabled Ukraine to navigate through these turbulent times.

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Tags: Ukraine, bank, financial, aid

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