Ukraine received $1.34 billion under World Bank project - finance ministry

International Monetary Fund and the World Bank meeting in Marrakech

FILE PHOTO: Ukrainian Minister of Finance Serhiy Marchenko attends an interview with Reuters during the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 14, 2023. REUTERS/Susana Vera/File Photo

Source: X07589

Ukraine received $1.34 billion under the World Bank's public expenditures for administrative capacity endurance in Ukraine, the Ukrainian finance ministry said on Monday.

The ministry said in a statement the financing consisted of a $1.086 billion loan from the World Bank, $190 million grant from Norway, $50 million grant from the United States and $20 million grant from Switzerland.

The ministry said the funds would be used to partially compensate for non-security and defence-related expenditures of the Ukrainian state budget, including old-age social payments and payments to employees of the state emergency service.

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"International financial assistance is a significant contribution to maintaining Ukraine's financial and economic stability and allows us to provide priority social expenditures during the war," Ukraine's finance minister Serhiy Marchenko said.

This article was produced by Reuters news agency. It has not been edited by Global South World.

By Reuters