The World Bank Group on Monday, August 8, announced an additional $4.5 billion in funding for Ukraine under the PEACE project, which aims to help the government of Ukraine meet urgent needs caused by the ongoing war.

"The United States, through the U.S. Agency for International Development [USAID] in coordination with the U.S. Department of the Treasury, is providing an additional $4.5 billion in direct budgetary support to the Government of Ukraine to help alleviate the acute budget deficit caused by Putin's brutal war of aggression," USAID said in a press release.

According to it, the government of Ukraine will receive funding in tranches, starting with a payment of $3 billion in August.

The World Bank indicates that additional funding will help maintain the government's ability to perform core functions at the national and regional levels.

In particular, the funds will help the government of Ukraine cover social benefits, medical services and pensions that are necessary for the well-being of the country's citizens and mitigating the social and economic consequences of the war.

"Ukraine needs continued government services, including health, education, and social protection to prevent further deterioration in living conditions and poverty," David Malpass, World Bank Group President, said.

"We are grateful to the United States and our partners for their ongoing support through our rapid support mechanisms and for the generous grant that will greatly support the Ukrainian people," he said.

According to the bank, the additional financing adds to the $1.49 billion Investment Project Financing (IPF), approved in June 2022. To date, the World Bank has mobilized nearly $13 billion in emergency financing, including commitments and pledges from donors, to support the continuation of essential government services and to help blunt the widespread human and economic impacts of the war. More than $6.3 billion of this financing has been disbursed as of the end of July 2022.