Ukraine Secures $3.9 Billion from US for Budget Support

Ukraine is set to receive a significant grant of nearly $3.9 billion from the United States, aimed at bolstering its state budget amid ongoing economic challenges due to the Russian invasion. The agreement was signed by Finance Minister Serhiy Marchenko and World Bank Regional Director Bob Som, marking the first tranche of a planned $7.8 billion in U.S. aid for 2024. The funds will be allocated for salaries of essential workers, including teachers and emergency service personnel, as well as support for internally displaced persons and low-income families. This grant will be disbursed through the World Bank's 'Public Expenditure for Accountable and Comprehensive Economic Management in Ukraine' (PEACE in Ukraine) project, which has mobilized over $25 billion since its inception. Marchenko emphasized the importance of this funding for maintaining liquidity in the state budget, reflecting the ongoing pressure on Ukraine's economy. The funds are expected to last until at least the end of August, with a second installment anticipated by the end of October if conditions are met.