The Ministry of Finance of Ukraine Secures USD 1.35 Billion Grant from the United States

The Ministry of Finance of Ukraine has successfully secured a significant financial grant from the United States, amounting to USD 1.35 billion. This grant serves as a testament to the strong bilateral ties and continuing support from the U.S. to Ukraine amid challenging times.

A Boost to Social and Humanitarian Expenditures

The primary objective of this sizeable grant is to offset a portion of the Ukrainian state budget that addresses urgent social and humanitarian needs. A key portion of these funds is earmarked for ensuring that teachers across the nation receive their due salaries. This purpose underscores the commitment to maintaining the fundamental aspects of social structure, such as education, even amidst turmoil.

Collaborative Funding Effort

The financial aid was extended through concerted efforts involving various U.S. government agencies, such as the United States Agency for International Development (USAID), the U.S. Department of the Treasury, and the U.S. Department of State. This collaboration underscores the comprehensive approach taken by the United States to channel the funds effectively.

Working in tandem with the World Bank, the aid was funneled through the dedicated Public Expenditures for Administrative Capacity Endurance (PEACE) Project, ensuring that the grant was directed appropriately into the Ukrainian State Budget.

High-Level Acknowledgment

Ukrainian Finance Minister Sergii Marchenko expressed deep gratitude towards the U.S., highlighting the substantial cumulative budget support which has now amounted to USD 28.2 billion since February 2022. The funds represent the largest financial backing Ukraine has received from a single country, emphasizing the pivotal role that U.S. assistance plays in upholding Ukraine's financial stability and the continuance of essential services to its populace during the ongoing conflict.

Future Financial Support Framework

The structured support for the fiscal year includes a total budgetary allowance of USD 7.8 billion from the U.S. to Ukraine, with USD 5.2 billion having already been disbursed. This strategic financial planning indicates a forward-looking approach to prolonged assistance and a commitment to helping Ukraine sustain its governmental functions.

Ensuring Transparency and Accountability

The Ministry of Finance pledges to uphold a transparent process in handling these funds. In partnership with USAID's State-Owned Enterprises Reform Activity (SOERA) and auditing firms such as KPMG and PricewaterhouseCoopers Ukraine, rigorous monitoring and review mechanisms are in place. These steps involve scrutinizing the direct budget support provided by the U.S. government and verifying the legitimacy of the expenditures made by Ukraine under the PEACE in Ukraine project - ensuring that financial aid reaches its intended targets.

The most recent grant illustrates a continuing trend of international cooperation and solidarity in times of adversity, reflecting both the resilience of Ukraine and the benevolent support of the global community led by the United States.

Subscribe to LinkedIn Investing in Ukraine: NEWS

Risk management in Ukraine. Assessment and risk management

REPUTATION / CRISIS COMMUNICATIONS

SERVICES IN THE FIELD OF TAXATION

PROTECTION OF INTELLECTUAL PROPERTY RIGHTS

AN EFFICIENT PROTECTION SYSTEM FOR YOUR BUSINESS

DISPUTES/PROTECTION IN THE COURT