Photo:Getty images
The World Bank has provided Ukraine with additional financial support in the amount of $750 million to help stabilise the economy and reform key institutions. This was announced by Prime Minister of Ukraine Denys Shmyhal in his Telegram, Time Ukraine Israel reports.
The funds will be used to implement the Support for Ukraine’s Recovery through Reforms in Reformed Fiscal Governance (SURGE) project. The initiative is aimed at strengthening state institutions and improving fiscal discipline, which are key conditions for Ukraine’s further progress towards joining the European Union. Part of the funding is provided by the ADVANCE Ukraine fund supported by the Government of Japan.
The SURGE project will help strengthen the work of state institutions even under martial law, as well as provide citizens with access to basic public services. According to Shmyhal, the funds will be used to support reforms in the areas of public investment management and public finance. The amount of funding can be increased if necessary.
“I am grateful to the leadership of the World Bank and international partners for their important assistance in a very difficult period when the country continues to resist full-scale aggression by Russia,” the Prime Minister said.
This support package is another step by the international community to help Ukraine maintain stability and implement the necessary reforms on its path to European integration.
