Ukraine Will Receive $841 Million from the World Bank for Pensions
Ukraine will soon receive $841 million in budgetary support from the World Bank. The funds will be used to offset state budget expenditures related to pension payments, and the Canadian government will provide financing guarantees.
Ukraine will soon receive $841 million from the World Bank. This money will help offset government expenditures on pension payments. According to him, the funding will be provided as part of the Peace in Ukraine project. The Canadian government will provide guarantees for these funds. “Ukraine will soon receive $841 million in budgetary support from the World Bank, backed by guarantees from the Canadian government,” Koretsky said.
The funds received will not be directed directly to individual pension accounts. This is budgetary support intended to offset the government’s expenditures on pension payments. The Prime Minister emphasized that such assistance is particularly important given the state budget deficit and the heavy strain on public finances. “Given the budget deficit and the imbalance in public finances, this is an extremely important and timely form of support,” Koretsky noted.
He also thanked the Canadian government and the World Bank for their financial assistance to Ukraine. This is not the only recent financial support that Ukraine has agreed upon with Canada. Separately, Canada plans to allocate 40.1 million Canadian dollars, or about 1.25 billion hryvnias, to support Ukrainian veterans and their family members.
These funds are to be Canada’s first contribution to a new international multi-donor veterans’ fund. The fund is planned to be established to implement the National Veterans Policy Strategy. The fund is intended to help finance recovery and rehabilitation programs for veterans. It will also support their transition back to civilian life and provide assistance to their families.
Canada is set to be the fund’s first donor. Going forward, Ukraine plans to involve other international partners in the fund and increase the level of funding. In this way, international financial support is expected to help Ukraine cover critical budgetary expenses amid the war. These include pension payments, social programs, and support for veterans, according to Prime Minister Serhiy Koretskyi.
