The State Budget of Ukraine received more than USD 1.2 billion from the Government of Japan under World Bank projects, including:

• USD 602 million loan under the Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) Project.

The INSPIRE project aims to ensure social protection of low-income and vulnerable populations in Ukraine during and after the war, improve access to social services and assistance, and strengthen the social support system to respond quickly to possible challenges of the present and future.

• USD 400 million loan in December 2024 under the “Supporting Reconstruction through Smart Fiscal Governance”(SURGE).

SURGE aims to create an enabling environment and institutional framework for the effective and accountable implementation and financing of climate-smart recovery.

• USD 250 million loan during November – December 2024 under the Resilient, Inclusive and Sustainable Enterprise Program (RISE) to address critical challenges that hinder the resilience, growth and sustainable development of the private sector.
• USD 220 million in December 2024 under the Transforming Healthcare through Reform and Investments in Efficiency (THRIVE). The aim of the project is to assist the Government of Ukraine in improving the Programme for Medical Guarantees (MGP) to create a reliable healthcare system.
• USD 200 million in November – December 2024 under the project “Lifting Education Access and Resilience in Times of Need” (LEARN). The key goal of the programme is to improve the educational process in Ukraine under martial law by creating safe and comfortable conditions for teachers and students.

“I am grateful to the Government of Japan for its crucial assistance and to the World Bank for the timely mobilisation of the necessary funding for Ukraine. The INSPIRE, SURGE, RISE, THRIVE and LEARN projects address the key priority and most vulnerable areas in the context of a full-scale war. Providing the population with essential social services, creating a favourable business environment, implementing recovery and improving the educational process are the areas that remain on the Government’s agenda,” said Minister of Finance Sergii Marchenko.

These World Bank projects are being implemented using the PforR financial instrument, which means that Ukraine first implements indicators, and then selects the indicators based on the results of their achievement and verification. Thus, with this instrument, Ukraine has the opportunity not only to attract the necessary resources, but also to demonstrate its commitments to perform the obligations that are part of the reforms in the education, healthcare, financial sector and business development sectors.

“Since the first days of the full-scale war, the Government of Japan has been providing financial assistance to Ukraine, including through World Bank structures and funds. Our coordinated cooperation within the framework of PforR projects creates the basis for macro-financial stability and further growth. The uniqueness of this instrument lies in the multi-level assistance – both financial and expert – needed to improve the identified areas. Ukraine’s responsible and timely implementation of the indicators as part of the reforms in key areas allowed us to successfully raise funds for all the PforR projects implemented this year,” added Deputy Minister Olga Zykova.