The Ministry of Finance of Ukraine and the World Bank have signed an agreement on the provision of a €236 million loan guaranteed by the Swedish government to cover social expenditures in the budget.
This was announced by the press service of the Ministry.
"The Ministry of Finance of Ukraine and the World Bank have signed a loan agreement for a total amount of €236 million. The funds were raised under the project 'Support for Public Expenditures for Resilient Governance in Ukraine' (PEACE in Ukraine) from the International Bank for Reconstruction and Development, guaranteed by the Government of the Kingdom of Sweden," the statement reads.
It is emphasised that the funds raised will be transferred to the general fund of Ukraine's state budget in the near future and will be directed toward reimbursing key social expenditures of the state. The funds will ensure timely social payments to support the most vulnerable segments of the population and the uninterrupted operation of state institutions.
The PEACE in Ukraine project has been implemented since June 2022 as a response to Russia's full-scale armed aggression against Ukraine. Upon receipt of the loan, the total volume of financing mobilised under the project will amount to nearly $53.5 billion.
