Ukraine will receive about $1.37 billion under the World Bank's PEACE in Ukraine project. The Ministry of Finance and the Bank signed a grant agreement

Today, on 8 November, Minister of Finance of Ukraine Sergii Marchenko and World Bank Country Director for Eastern Europe Bob Saum, signed a grant agreement under the World Bank’s Public Expenditures for Administrative Capacity Endurance (PEACE in Ukraine) project. 

The Project aims to partially compensate for State Budget expenditures, including social and humanitarian expenditures not related to the security and defence sector. 

The Grant Agreement provides for Ukraine to receive a tranche under the PEACE in Ukraine Project, consisting of:

• USD 1.35 billion - a grant from the United States of America;

• EUR 10.8 million - funds from the Multi-Donor Trust Fund for co-financing the Second Development Policy Loan for Economic Recovery for Ukraine.

The funds will be transferred to the State Budget of Ukraine in the coming days.

"I am grateful to the United States Government, partner countries, and the World Bank team for their crucial financial support and partnership at a crucial time for Ukraine. The funds raised will make a significant contribution to the priority social expenditures of the Ukrainian State Budget,” said Sergii Marchenko. 

Since the beginning of the full-scale invasion, the Ministry of Finance has already attracted almost USD 28 billion and more than EUR 1.4 billion in budget support through the PEACE in Ukraine project. 

Moreover, the Ministry of Finance is committed to an efficient and transparent fundraising process. Together with Deloitte Consulting, which implements the USAID SOERA project, it monitors the use of direct budget support from the US Government, and with PriceWaterhouseCoopers Ukraine, it conducts an audit according to agreed procedures to determine the eligible public expenditures made by Ukraine under the PEACE in Ukraine project. 

In cooperation with the World Bank, all payments are made on the basis of monthly reports, separately for each category of employees and recipients of social state aid. This mechanism facilitates the rapid disbursement of funds by the Government of Ukraine while ensuring transparency.