Today, on 19 May, the Government decided to attract additional funding from the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

The Government approved the attraction of a budget support grant for Ukraine from the IBRD and IDA in the amount of USD 1.27 billion under the Multi-Donor Trust Fund (USD 1.25 billion from the United States and USD 15 million from Finland), as well as a loan from the IBRD in the amount of USD 500 million as the fifth additional financing for the Public Expenditures for Administrative Capacity Endurance (PEACE) Project.

The Government also supported the draft decree of the President of Ukraine on the establishment of a Ukrainian delegation to participate in negotiations with the IBRD on the conclusion of the Multi-Donor Trust Fund Grant Agreement between Ukraine and the IBRD and IDA, the Loan Agreement between Ukraine and the IBRD, as well as the authorisation of Minister of Finance of Ukraine Sergii Marchenko to sign the two agreements.

Background

The Public Expenditures for Administrative Capacity Endurance (PEACE) Project has been implemented since June 2022. The total amount of funds attracted over the entire period is USD 16.459 billion and EUR 1.441 billion. The funds are used to reimburse state budget expenditures spent on salaries of employees of state bodies, including the State Emergency Service, budgetary educational and medical institutions, pension payments and certain state social assistance programmes.