World Bank Allocates $1.2 Billion to Ukraine for Social Payments
Date: 2023-12-05 Author: Dima Zakharov Categories: ECONOMY
Agreement for Social Aid
A significant stride was made between Ukraine and the World Bank with the signing of an agreement targeting the launch of a groundbreaking project named "Investments in Social Protection to Increase Coverage, Resilience, and Effectiveness (INSPIRE)." The collaboration, disclosed by Ukraine's Ministry of Social Policy, aims to financially support 29 categories of social payments for the country's most vulnerable populations.
Objectives of INSPIRE
The primary goal of this project is to allocate funds toward 29 social payment categories, intending to aid the most susceptible segments of Ukraine's populace. Additionally, it seeks to bolster reforms within Ukraine's social protection sphere.
Funding Sources
INSPIRE is financed through a $1.2 billion loan from the World Bank's Specific Fund for the Necessary Credit Support to Ukraine (ADVANCE Ukraine). This fund is further bolstered by the support of the Japanese government.
Financial Allocation and Utilization
The allocated funds are set to be directed into the general state budget fund, ensuring the financial sustenance for the 29 social payments as outlined in Ukraine's state budget for the years 2023 and 2024.
Previous Financial Assistance
Earlier this year, within the framework of mobilized financial resources by the World Bank, Ukraine received an overwhelming sum exceeding $14 billion USD.
