The government is hoping for a reasonable economic recovery this year after the economy shrank by about a third in 2022 due to Russia’s war in Ukraine, and is working with foreign partners to secure funding for a so-called “rapid” recovery.
Ukraine will receive $1.5 billion from the World Bank to support reconstruction and recovery, Prime Minister Denis Schmihal said today.
The funds will be guaranteed by the Japanese government and channeled to support social security and economic development, Schmihal said in a post on the Telegram messaging app. “In general, the loan will help support the subsidies of people who have changed their place of residence inside the country and pension payments,” said Schmihal.
Ukraine relies on the financial assistance of its foreign partners to be able to cover the budget deficit. The Ministry of Finance announced that it has received in June the amount of 3 billion dollars for budget support from Ukraine’s partners, with 40% in the form of grants.
Yesterday the management of the International Monetary Fund completed the audit of the Ukrainian loan, allowing Kiev to immediately take over the amount of 890 million for the fiscal support.
The government is hoping for a reasonable economic recovery this year after the economy shrank by about a third in 2022 due to Russia’s war in Ukraine, and is working with foreign partners to secure funding for a so-called “rapid” recovery.
Ukraine is rebuilding schools, hospitals, roads and bridges and making repairs in the energy sector despite ongoing hostilities in the south and east of the country.
Source :Skai
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