Ukraine will receive almost $530 million in loans from the World Bank

Author:
Sofiia Telishevska
Date:

Ukraine will receive $529.9 million in additional financing from the World Bank for urgent needs.

The corresponding agreement was signed by Minister of Finance Serhiy Marchenko and Regional Director of the World Bank for Eastern Europe (Ukraine, Belarus and Moldova) Arup Banerjee, the ministryʼs press service reports.

These credit funds will be provided on preferential terms under the guarantees of Great Britain and Denmark. The loan repayment period is 19 years with a five-year grace period. The interest rate is 0.25% per annum (charged on the unused part of the loan).

"The raised funds will make it possible to preserve the effectiveness and stability of the functioning of the Ukrainian public administration system, and in the future to finance urgent social needs in the conditions of martial law," Marchenko said during the signing.

The money will be directed to the general fund of the State Budget of Ukraine for the salary fund for employees of the budget sector and the payment of pensions and social benefits.