Minister Marchenko meets with World Bank Vice President

Minister Marchenko meets with World Bank Vice President

Financial support from the World Bank allows Ukraine to maintain macro-financial stability and ensure priority state budget expenditures.

This was reported by the press service of the Ministry of Finance of Ukraine following the meeting between Minister of Finance of Ukraine Serhiy Marchenko and World Bank Vice President for the Europe and Central Asia region Antonella Bassani.

"Since the beginning of the full-scale Russian invasion, the World Bank has mobilized financial resources from our partners in the amount of $34 billion, of which more than $22 billion has already reached the state budget of Ukraine. The provided financing includes both the World Bank's own funds and donor funds that come to the state budget through the Bank's trust funds," Marchenko said.

He noted that thanks to this financing, the Government of Ukraine is able to continue to maintain macro-financial stability and ensure priority expenditures of the state budget.

During the meeting, the parties discussed the implementation of joint projects within the framework of the World Bank initiative – the URTF Fund (Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund).

The projects are aimed at reconstructing transport infrastructure (RELINK Project), electric power sector (Re-Power Project), supporting the healthcare system (Heal Ukraine Project), restoring homes of citizens destroyed as a result of hostilities (HOPE Project). Other projects are currently at the stage of preparation and implementation.

Marchenko told the World Bank representatives that out of all partners’ financial commitments to the recovery of Ukraine, USD 3.87 billion is aligned with the needs of rapid recovery, which is estimated at USD 14.1 billion for 2023. Therefore, the Ukrainian side and international donors are currently working on the coordination of the list of rapid recovery projects and the donor resources available for this.

As reported, the Ministry of Finance of Ukraine raised $3 billion in grants and preferential financing from international partners in June 2023.

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