The Cabinet of Ministers of Ukraine has approved a decision on raising a $662 million loan from the International Bank for Reconstruction and Development (IBRD) to finance social protection programs.
The government’s permanent representative in the Verkhovna Rada, Taras Melnychuk, announced this on Telegram, Ukrinform reports.
“It was recognized as expedient to attract a loan from the International Bank for Reconstruction and Development as additional financing for the implementation of the Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) project in the amount of USD 662 million,” Melnychuk said.
The funds will be used for the following purposes: reimbursement of state budget expenditures for social protection of children and families; provision of benefits for housing and communal services; purchase of solid and liquid heating oil and liquefied gas; social protection of citizens in difficult life circumstances; payment of lifetime state scholarships; social protection of persons with disabilities.
As reported by Ukrinform, the World Bank will provide a $750 million support package for Ukraine under the Supporting Reconstruction through Smart Fiscal Governance” (SURGE) project (SURGE) project, which aims to support institutional reforms necessary for accession to the European Union. Part of this amount will be allocated from the ADVANCE Ukraine fund supported by the Government of Japan.
Source: World Bank to allocate $662M to Ukraine for social protection
