Budget receives $1.25B of grant funds from U.S. - Finance Ministry

Budget receives $1.25B of grant funds from U.S. - Finance Ministry

The Ministry of Finance of Ukraine has attracted a USD 1.25 billion grant from the United States through the World Bank's PEACE in Ukraine Trust Fund.

According to Ukrinform, the Ministry of Finance reported this.

"Today, on September 21, the state budget of Ukraine received a grant from the United States in the amount of USD 1.25 billion through the World Bank's Multi-Donor Trust Fund," the statement said.

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

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

The funding raised is used to reimburse state budget expenditures: pension payments, payments to the State Emergency Service employees, salaries of healthcare workers providing services under the medical guarantees program, civil servants, and teachers.

"Since the beginning of the full-scale war, the state budget of Ukraine has already received USD 21.7 billion from the United States. Financial aid from the U.S. is provided on non-refundable terms, which allows us not to increase the debt burden on the state budget," Finance Minister Sergii Marchenko said.

Read also: U.S. seizes $1B worth of Russian assets abroad

As reported earlier, the Ministry of Finance of Ukraine, together with the World Bank, is implementing the PEACE in Ukraine Project and ensuring transparency in the attraction and use of funds. In cooperation with Deloitte Consulting, which is implementing the USAID SOERA project, the Ministry of Finance is monitoring the use of direct budget support from the U.S. government, and with the auditing company PriceWaterhouseCoopers Ukraine, it is checking the eligible public expenditures made by Ukraine in 2022 under the Project.

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