Ukraine receives $1.15 billion under World Bank's PEACE initiative 

Ukraine has been granted $1.15 billion from the United States under the PEACE in Ukraine program, marking a continued effort to support the country during the ongoing conflict with Russia. The Ukrainian finance ministry officially confirmed the substantial grant.

The PEACE (Public Expenditures for Administrative Capacity Endurance) in Ukraine project, a flagship initiative of the World Bank, has been pivotal in aiding Kyiv amid Russia's aggression in the region.

The United States government has displayed its unwavering commitment to Ukraine this year, granting Ukraine $10.9 billion in direct budget support in the form of grants.

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This financial aid is primarily directed towards compensating state budget expenditures in the social and humanitarian sectors, with no intention of allocation to security or defence, as clarified by the ministry.

Emphasisingthe magnitude of the support, Finance Minister Serhiy Marchenko is quoted by Reutersas saying, "Since the beginning of the full-scale war, Ukraine's state budget has already received $22.9 billion from the United States."

Ukraine's reliance on foreign financing to bridge its budget gap and sustain social spending is evident. Simultaneously, Kyiv is actively seeking funding to rebuild vital infrastructure, schools, and hospitals, which have incurred significant damage over nearly 20 months of persistent conflict.

(With inputs from Reuters)

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