Ukraine received $133 million under the World Bank SURGE project to support fiscal management

Ukraine has received USD 133 million from the World Bank under the SURGE project “Supporting Reconstruction through Smart Fiscal Governance.” The funds have been transferred to the general fund of the State Budget.

It is expected that by the end of the year Ukraine will receive an additional USD 396 million under the project, including USD 230 million as part of additional financing.

The main goal of the project is to ensure effective management of public investments. It is aimed at improving the quality of fiscal management in communities, enhancing medium-term and program-based budgeting, optimizing revenue administration, and integrating gender and climate aspects into financial policy.

The Project is implemented using the financial instrument “Program-for-Results” (PforR), which is based on achieving specific indicators tied to disbursements.

To obtain the loan in 2025, Ukraine fulfilled a number of important conditions. In particular, amendments were made to the Budget Code, a medium-term public investment plan was approved, and a unified methodology for public investment management was adopted. 

“Cooperation within the SURGE project contributes to the formation of a modern and effective state policy in the field of public investment management. It is important that in this process we pay special attention to gender and climate aspects, which makes policy more inclusive and resilient to future challenges. I am grateful to the World Bank for supporting Ukraine on this path,” emphasized Deputy Minister of Finance Olga Zykova.

The SURGE project has been implemented in Ukraine since 2024. During this time, the World Bank has signed agreements with Ukraine for more than USD 1 billion in financing under the Project, including USD 10 million in grant funds.