Ukraine receives EUR 63 mln from World Bank for payments to teachers, officials

20:20, 19.06.2023 1 min read

On Monday, the State Budget of Ukraine received funding from the World Bank in the amount of EUR 63 million, which will be used to partially reimburse the costs of remuneration of employees of public agencies and teachers for February and March 2023.

"The funds were provided by the International Development Association (IDA) on preferential terms as part of the World Bank's Public Expenditures for Administrative Capacity Endurance (PEACE) project," the Finance Ministry said in a statement on Monday.

According to it, the loan repayment period is ten years with a four-year grace period.

The World Bank said on its website that on June 23, the Board of Directors has scheduled consideration of the fifth additional financing for the PEACE project worth $500 million.

In addition, this month there are two new projects for Ukraine on the agenda of the World Bank Group: ADVANCE Ukraine TF (ADVancing Needed Credit Enhancement for Ukraine) from IDA and Development Policy Financing (DPF).