KYIV (Reuters) – Ukraine has received $1.34 billion in financial support from the World Bank to enhance administrative capacity in the country, the Ukrainian finance ministry announced on Monday.
According to the ministry, the funding includes a $1.086 billion loan from the World Bank, a $190 million grant from Norway, a $50 million grant from the United States, and a $20 million grant from Switzerland.
The ministry specified that the funds will be utilized to partly cover non-security and defense-related expenses in the Ukrainian state budget, including social payments for the elderly and payments to employees of the state emergency service.
Ukraine’s finance minister Serhiy Marchenko stated, “International financial assistance is a significant contribution to maintaining Ukraine’s financial and economic stability and allows us to provide priority social expenditures during the war.”
(Reporting by Pavel Polityuk; Editing by Kirsten Donovan and Andrew Cawthorne)
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