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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

Ukraine received $1.34 bln under World Bank project – finance ministry

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
Ukrainian Minister of Finance Serhiy Marchenko attends an interview with Reuters during the annual m... 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
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
Ukrainian Minister of Finance Serhiy Marchenko attends an interview with Reuters during the annual m... 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

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Ukraine received $1.34 billion under the World Bank project in the finance ministry. Under the World Bank’s public expenditures for administrative capacity endurance in Ukraine, Ukraine was awarded $1.34 billion, according to the Ukrainian finance ministry, which announced this on Monday.

In a statement, the ministry explained that the financing comprised a loan from the World Bank for $1.086 billion, a grant from Norway for $190 million, a grant from the United States for $50 million, and a grant from Switzerland for $20 million.

The ministry said that the money would be utilized to partially compensate for the Ukrainian state budget expenditures that were not linked to security and defense. These expenses include payments to state emergency service personnel and members of the elderly social security system.

In a statement, Ukraine’s Minister of Finance, Serhiy Marchenko, stated, “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.”

The reception of $1.34 billion under the World Bank project signifies a significant stride for Ukraine’s economic landscape. This substantial funding infusion, channeled strategically by the Finance Ministry, is poised to catalyze transformative changes across various sectors. The focus on infrastructure, socio-economic reforms, and sustainable growth initiatives underscores Ukraine’s commitment to fostering progress and resilience in the face of economic challenges.


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