World Bank allocates $1.2 bn social assistance package to Ukraine

The World Bank (WB) has announced that it has provided Ukraine with a $1.2 bn social assistance package. The loan is provided to Ukraine under the Japanese government’s guarantee under the Advancing Needed Credit Enhancement for Ukraine (ADVANCE Ukraine) trust fund, Vedomosti reported on December 1.

The WB said in a statement that the funds will be used to support orphans and children in foster care, socially vulnerable students, victims of the Chernobyl disaster and human trafficking.

The project also aims to implement the social reforms that the Ukrainian authorities are implementing. “This project is expected to reach nearly ten million Ukrainians during the period of greatest need. It will strengthen the Ukrainian government’s capacity to provide social support to the poor and vulnerable at a critical time as winter approaches”, the WB said in a press release.

The WB has mobilized over $38 bn in emergency financial aid to Ukraine since Russia started its war in Ukraine.

On November 23, the Ukrainian Finance Ministry received another $400 m loan from the World Bank (WB) trust fund. The UK acted as guarantor. The financing will be used to partially compensate for the expenditures of the Ukrainian state budget made to reimburse pension payments and remuneration of medical workers under the medical guarantees program. The loan is repayable over 19 years, with favorable terms to be maintained for five years.

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