The Cabinet of Ministers approved the decision to attract additional financing from the MBRD

The Cabinet of Ministers approved the decision to attract additional financing from the MBRD


Today, May 19, at a government meeting, a decision was made to attract additional funding from the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). This was reported by the press service of the Ministry of Finance.

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Details

The government approved the attraction of a grant for budgetary support of Ukraine from the International Monetary Fund and IDA in the amount of $1.27 billion from the Trust Fund of many donors ($1.25 billion from the United States and $15 million from Finland), as well as a loan from the International Monetary Fund in the amount of $500 million as the fifth additional financing for the project “Support of public expenditures to ensure sustainable government in Ukraine”.

At the meeting of the Cabinet of Ministers, the draft order of the President of Ukraine on the formation of a delegation of Ukraine to participate in negotiations with the International Monetary Fund on:

  • conclusion of the agreement on the grant of the Trust Fund of many donors between Ukraine and the International Development Bank of Russia and IDA,
  • loan agreements between Ukraine and the International Bank for Reconstruction and Development,
  • powers of the Minister of Finance of Ukraine Serhiy Marchenko to sign the two specified agreements.

About the project

The project “Supporting public expenditures to ensure sustainable government in Ukraine” will be implemented from June 2022.

The total amount of funds raised for the entire period is $16.459 billion and 1.441 billion euros.

The funds are directed to the reimbursement of state budget expenses, implemented to ensure the remuneration of employees of state bodies, including the State Emergency Service, budgetary institutions of the educational and medical spheres, provision of pension payments and certain programs of state social assistance.

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Author: News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies

Source: Ministry of Finance

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