25 December 2023

World Bank greenlights $1.34 billion boost in aid for critical public services in Ukraine

Ukraine on December 25 received $ 1.34 billion from the World Bank (WB). The funds will be used to partially compensate for the state budget of Ukraine, in particular for the payment of pensions, as well as for salaries to employees of the State Emergency Management Service (GSHS). It is impossible to spend WB money on military purposes.

Ukraine received financial assistance worth a billion dollars: what will the money go for


_________________________________________________________________________
This is the sixth payment of additional financing under the project "Support to government spending on sustainable public administration in Ukraine" (PEACE in Ukraine), reported Ministry of Finance Ukraine. 
The payment consists of such parts:
  • World Bank loan of $ 1.086 billion through the ADVANCE Ukraine trust fund guaranteed by the Japanese government;
Grants of: 
  • $ 190 million from Norway, 
  • $ 50 million from the United States and 
  • $ 20 million from Switzerland.
As OBOZ.UA reported, December 21 Ukraine received the last 1.5 billion euros of budget assistance from the European Union. The funds are included in the annual 18 billion package and have already arrived at the accounts of Ukraine. You can spend money from this package to cover the "hole" in the budget, ensure the operation of social infrastructure and implement reforms, but not for military needs.
At the same time, Hungary's breakdown of the provision of Ukraine 50 billion euro aid from the EU does not mean that our country will not receive these funds. 
Serhiy Marchenko: "If we do not stop buying expensive phones and cars, the  economy will draw painful conclusions very quickly" - LB.ua news portal
_________________________________________________________________________
INSERT
__________________________________________________________________________
The EU Council nevertheless reached agreement in principle on this issue, although the decision itself was postponed. And in case Hungarian Prime Minister Viktor Orban, who is called "the other of Putin," continues to veto, the EU will have a fallback.

Only verified information in our country Telegram channel OBOZ.UA and Viber. Do not be fooled by fairies!

1 minute


"International financial assistance is a significant contribution to supporting the financial and economic stability of Ukraine and allows for the provision of priority social spending during the war. Since the beginning of the full-scale invasion, the governments of Japan, the USA, Norway and Switzerland have repeatedly shown Ukraine their strong support and solidarity, " commented on the Minister of Finance of Ukraine Sergey Marchenko.




Ukraine Received $1.34 Billion Under World Bank Project - Finance Ministry

Sergii Marchenko (@SergiiMarchenk3) · X

Today, I signed amendments to the Memorandum of Understanding on official debt payments suspension with a group of Ukraine's official creditors from the G7 and the Paris Club. This voluntary debt payment suspension is part of the USD122bn international support package provided…
Posted on X · 4 days ago
TodayđŸ‡ºđŸ‡¦received the final €1.5bn of the €18bn financial aid #MFA. In 2023, the EU is the largest donor of direct budget support, covering more than 45% of the external financing needs for 2023. I am extremely grateful to colleagues from all EU institutions for the profound work
Posted on X · 4 days ago
During the 7th meeting of the Coordination Platform emphasized the budget needs of đŸ‡ºđŸ‡¦ in 2024 - $37.3bn. The rhythmic flow of external financing from the first months of the year is essential to maintain financial stability and the ability to resist the enemy on the battlefield.
Posted on X · 5 days ago
Honoured to participate in the meeting of the @G7 financial bloc. I emphasised the importance of coherent actions to maintain financial support for Ukraine in 2024. Sustained and rhythmic aid is vital for 


Ukraine faces economic crisis without quick EU aid, finance ...

Nov 3, 2023 — The country needs Western help from the start of 2024 to fill an estimated $29 billion budget gap, Serhiy Marchenko says.

Ukraine Received $1.34 Billion Under World Bank Project - Finance Ministry

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 PhotoREUTERS

KYIV (Reuters) - 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 defense-related expenditures of the Ukrainian state budget, including old-age social payments and payments to employees of the state emergency service.

(Reporting by Pavel Polityuk; Editing by Kirsten Donovan and Andrew Cawthorne)

___________________________________________________________________________________

World Bank disburses additional $500 mln to Ukraine | Reuters


_

World Bank disburses additional $500M to help Ukraine meet urgent needs

World Bank disburses additional $500M to help Ukraine meet urgent needs

The World Bank has announced the disbursement of an additional $500 million to help Ukraine meet urgent spending needs caused by Russia’s full-scale invasion.
The relevant statement was made by Reuters, an Ukrinform correspondent reports.
“The financing by the International Bank for Reconstruction and Development, the bank’s main lending arm, was supported by $500 million in loan guarantees from Britain that were announced on Sept. 30,” the World Bank’s statement reads.

  • It comes on the eve of a recovery conference taking place in Berlin on Tuesday, where national leaders, development experts and CEOs will discuss how to rebuild Ukraine after Russia’s invasion.
 “The Russian invasion continues to cause massive destruction of Ukraine’s infrastructure – including water, sanitation, and electricity networks – just as winter is approaching, further endangering Ukrainian people,” World Bank Group President David Malpass noted in a statement.
The new portion of financing will be used to maintain essential government services.
“We stand firmly to support the Ukrainian people as they face this unparalleled crisis,” the World Bank added.
The World Bank has mobilized a total of $13 billion in emergency financing for Ukraine, of which $11.4 billion has been fully disbursed.
As of June 1, 2022, Russia’s invasion caused over $97 billion in direct damages to Ukraine, but it could cost nearly $350 billion to rebuild the country, the World Bank, Ukrainian government and the European Commission said in a report released in September 2022.

mk

TOP NEWS
Finance Ministry attracts almost $2.8 bln in grants, preferential financing from intl partners in Oct





13:44 31.10.2023

Finance Ministry attracts almost $2.8 bln in grants, preferential financing from intl partners in Oct



The state budget of Ukraine received about $2.8 billion in external funding in October, more than 40% of the total financial assistance was grant funds on non-refundable terms, the press service of the Ministry of Finance reported on Tuesday.

As the department clarified, the donors in October 2023 were the EU - $1.6 billion (concessional financing) and the USA - $1.15 billion (grant).

"Funds from the EU are the ninth tranche within large-scale macro-financial assistance (MFA) for 2023. The total amount of funding under the MFA program is EUR 18 billion, of which Ukraine has already received EUR 15 billion," the Ministry of Finance informs.

  • It is noted that the grant from the United States is part of the fifth additional funding under the World Bank project Public Expenditures for Administrative Capacity Endurance (PEACE in Ukraine).
  • It is also recalled that in 2023 Ukraine has already received $10.9 billion in grant funding from the United States.

The ministry explained that international funding is directed to priority expenditures of the state budget, in particular to ensure social protection of the population, humanitarian needs, and remuneration of workers in the education and healthcare sectors.

  • In just ten months of 2023, the Ministry of Finance attracted about $35.4 billion in external financing for urgent needs of the state budget.

The Ministry of Finance added that it is committed to accountability and efficiency in the use of financial assistance from partners. To this end, the Ministry, within cooperation with the World Bank, ensures transparency in the attraction and use of external financing.

13:44 31.10.2023

Finance Ministry attracts almost $2.8 bln in grants, preferential financing from intl partners in Oct

2 min read

     




Together with Deloitte Consulting, which implements the USAID SOERA project, the Ministry of Finance monitors the use of direct budgetary support from the U.S. government, and with the auditing company PriceWaterhouseCoopers Ukraine, it reviews agreed upon procedures to determine allowable government expenditures carried out by Ukraine within the framework of the PEACE project.

______________________________________________________

________________________

No comments:

The Complete Bart Simpson Timeline