Kyiv – In a resolute gesture of support during Ukraine’s ongoing conflict with Russia, the United States has extended a generous $1.15 billion grant to Ukraine under the renowned Public Expenditures for Administrative Capacity Endurance (PEACE) in Ukraine project, orchestrated by the World Bank. This substantial financial infusion, officially acknowledged by the Ukrainian finance ministry, underscores the unwavering commitment of the United States to assist Ukraine in these challenging times.
The PEACE in Ukraine project, a flagship initiative of the World Bank, has played an instrumental role in bolstering Kyiv’s resilience in the face of Russia’s aggressive actions in the region. Notably, this year alone, the United States has demonstrated its unwavering dedication to Ukraine by providing a total of $10.9 billion in direct budget support in the form of grants.
It is important to highlight that this financial assistance is primarily directed towards compensating state budget expenditures in the vital social and humanitarian sectors, with a clear stance of not allocating any funds to security or defense, as emphasized by the ministry. In the words of Finance Minister Serhiy Marchenko, “Since the onset of the full-scale conflict, Ukraine’s state budget has received a significant sum of $22.9 billion from the United States.”
The necessity of foreign financial support to bridge Ukraine’s budget deficit and maintain critical social expenditure is evident. Concurrently, Kyiv is actively pursuing additional funding to rebuild essential infrastructure, schools, and hospitals, which have sustained substantial damage over nearly 20 months of persistent conflict.
In an ever-challenging geopolitical landscape, this funding injection reiterates the international community’s commitment to supporting Ukraine in its pursuit of stability and recovery.
[Disclaimer: This article is based on information from October 12, 2023, and is subject to change.]
