On Tuesday, the State Budget of Ukraine received $60 million in credit financing from the World Bank, of which $50 million were provided on preferential terms by the International Development Association (IDA), a member of the World Bank Group, and $10 million – as guarantees from Latvia, the Ministry of Finance of Ukraine has reported.

"We are grateful to the government of Latvia and the World Bank team for supporting Ukraine's financial soundness. The funds raised will allow Ukraine to strengthen financing for public sector employees and ensure sustainable public administration in Ukraine," Finance Minister Serhiy Marchenko was quoted as saying.

According to the Ministry of Finance, the maturity of the loan from IDA is 10 years, from Latvia it is 18 and a half years. Both loans have a four-year grace period, a one-time fee of 0.25% and a commitment fee of 0.25% per annum.

The funds will be used to reimburse the state budget expenditures made to ensure the remuneration to public administration staff and budgetary educational institutions both at the national and regional levels.

The Ministry of Finance said that these loans were provided under the agreement on providing financing to Ukraine as part of the implementation of the Public Expenditures for Administrative Capacity Endurance (PEACE) with the World Bank.