Ukraine secures $841 million in World Bank financing backed by Canada
Ukraine has secured $841 million in World Bank financing backed by the Canadian government, with the funds to reimburse state budget spending on pension payments, Prime Minister Serhii Koretskyi said.
The financing was provided through the World Bank's Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE in Ukraine) project under agreements reached in September.
Total financing provided through the project has now reached $54.3 billion, according to Koretskyi.
He described PEACE in Ukraine as the largest investment project in the World Bank's history and one of the main mechanisms supporting Ukraine's financial stability.
The funding comes as Ukraine faces significant pressure on its state budget during the war. Earlier in September, Finance Minister Serhii Marchenko said the country's budget situation was the most difficult it had faced since Russia launched its full-scale invasion in 2022 and warned that non-military spending could have to be reduced.
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