23 Nov 2023 13:47

Ukraine gets $400 mln loan through World Bank to keep paying pensions, medics' wages - Finance Ministry

MOSCOW. Nov 23 (Interfax) - Ukraine's budget has received around $400 million under the United Kingdom's guarantees through the World Bank Trust Fund to finance the Public Expenditures for Administrative Capacity Endurance (PEACE) in Ukraine project.

"The financing will be used to partially compensate for the state budget spending to pay pensions and salaries to healthcare workers under the medical guarantee program," Ukrainian media quoted the Finance Ministry as saying in a statement on Thursday.

It is a soft loan with a 19-year maturity and a five-year grace period, the ministry said.

"I am grateful to the UK government and the World Bank team for the productive cooperation, which has resulted in the mobilization of the necessary financial resources. Also, I'd like to thank the UK for its intention to maintain direct budgetary support for Ukraine next year," Ukrainian Finance Minister Sergei Marchenko was quoted by the statement as saying.

The overall amount of financial assistance provided by the UK to Ukraine since February 2022 stands at $2 billion, the ministry said.