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Ministry of Finance attracts USD 1.25 billion grant from USA through World Bank’s PEACE in Ukraine Trust Fund

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Ministry of Finance attracts USD 1.25 billion grant from USA through World Bank’s PEACE in Ukraine Trust Fund

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Today, on September 21, the State Budget of Ukraine received a grant from the United States of America in the amount of USD 1.25 billion through the World Bank’s Multi-Donor Trust Fund.

The funds are part of the fifth additional financing under the World Bank’s project PEACE in Ukraine.

The project aims to partially compensate for State Budget expenditures, including social and humanitarian expenditures not related to security and defense. In 2023, Ukraine has already received USD 9.7 billion in direct budget support from the United States in the form of grants.

The funding is directed to reimburse State Budget expenditures, including pension payments, payments to the State Emergency Service, salaries for healthcare workers providing services under the medical guarantee program, civil servants and teachers.

“Since the start of the full-scale war, the State Budget of Ukraine has already received USD 21.7 billion in grants from the United States. Financial assistance from the United States is provided on a non-refundable basis, which allows not to increase the debt burden on the state budget. I am grateful to the U.S. Government for its solidarity and large-scale support,” Minister of Finance of Ukraine Sergii Marchenko said.

The Ministry of Finance of Ukraine is the state authority responsible for the PEACE in Ukraine Project implementation. Jointly with the World Bank, the MoF ensures the transparency of funds provided by the development Partners. The MoF monitors the use of direct budgetary support from the U.S. Government, together with Deloitte Consulting company, which is implementing the USAID SOERA Project. In cooperation with PriceWaterhouseCoopers Ukraine audit company, the MoF carries out a review according to agreed procedures to determine the eligibility of public expenditures of the Government of Ukraine in 2022 under the Project.

To increase transparency and accountability in the use of external financing, the Ministry of Finance of Ukraine also publishes detailed information on State Budget expenditures in 2022 and the first quarter of 2023 that were reimbursed by foreign partners, including the United States, under the World Bank’s PEACE in Ukraine project.

The Odessa Journal
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