Ukraine receives $1.5 billion from the World Bank - Ministry of Finance

Ukraine has received a USD 1.5 billion Growth Foundations Development Policy Loan (DPL)  from Japan and the United Kingdom through the World Bank mechanism. This was reported by UNN with reference to the press service of the Ministry of Finance.

Details

The funding consists of a USD 984 million guarantee from the Government of Japan through the World Bank Trust Fund (ADVANCE Ukraine) and a USD 516 million guarantee from the United Kingdom.

Ukraine received $760 million in grants from Japan and NorwayFeb 28 2024, 12:07 PM • 24503 views

It is noted that the general fund of the state budget received USD 1.4 billion. In order to reduce the cost of servicing Ukraine's credit obligations, the Program provides for the capitalization of interest from Japanese funds in the amount of USD 99.54 million. 

The effective work of the government, together with timely support from our partners, allows us to maintain the stability of the financial system, even in the face of full-scale aggression and daily terror from Russia. I am grateful to Japan, the United Kingdom and the World Bank team, who have been standing side by side with Ukraine since February 2022. The financing will be used to support the key priorities of the state budget

Addendum

As explained by the Ministry of Finance, the prerequisite for receiving the tranche was Ukraine's fulfillment of the necessary 8 requirements under the program, including the harmonization of Ukraine's customs and tax legislation with EU standards, improvement of fiscal policy and regulation of capital markets, and ensuring transparency and accountability in the e-procurement system. 

Recall

The Managing Director of the International Finance Corporation (IFC), Makhtar Diop, said that the private investment arm of the World Bank has raised almost $1 billion to help rebuild Ukraine's private sector.