Ukraine receives $485 million from US, World Bank to support social, humanitarian needs

Ukraine has secured $485 million in financial assistance from the United States and the World Bank under the PEACE in Ukraine project, aimed at supporting the country’s social and humanitarian budgetary needs, Prime Minister Denys Shmyhal announced.

The United States contributed $465 million through USAID, while the World Bank allocated an additional $20 million, Caliber.Az reports citing Russian media. 

These funds will be directed toward covering Ukraine’s social and humanitarian expenses, helping the government address the ongoing challenges posed by the ongoing conflict and economic strain.

Shmyhal emphasized that this support is crucial for ensuring the stability of Ukraine’s state budget, which has faced significant deficits due to the ongoing war. In 2024, the country is projected to face a budget deficit of $43.9 billion, which will largely be covered through international aid.

In related news, Ukraine is also working toward meeting 56 criteria under the Ukraine Facility program in 2025. If successful, the country could receive an additional €12.5 billion in financial assistance from the European Union.

This new funding from the US and the World Bank is a part of broader international efforts to help Ukraine stabilize its economy and provide essential social services, with continued attention on Ukraine’s long-term self-financing prospects.

By Vafa Guliyeva