Ukraine secures $3.9 billion grant from the US to prop up its budget

Source: Ukrainian prime minister Denys  Shmyhal/Telegram

In a significant boost to its economy, Ukraine has secured a $3.9 billion grant from the United States via the World Bank. This funding is earmarked for key budget priorities, including salaries for teachers and medical staff, as well as social benefits.

According to Ukraine’s PM Denis Shmygal, it is the first installment of a $7.8 billion package of direct budget support from the US this year. “We thank the United States and the World Bank for their continued support, which bolsters our resilience against Russian aggression,” Shmygal said.

In his post on social media, Ukraine’s deputy finance minister Sergei Marchenko said the money is actually part of a larger $60 billion support package for Ukraine. The funds will help cover social and humanitarian needs, reflecting the US’s role as the “largest donor of external financing” for Ukraine.  He also revealed that “the US direct budget support has totaled nearly $27 billion, accounting for over 25% of all aid received”.