The Ukrainian government has secured a $3.9 billion grant from the U.S. to support salaries and social programs, announced Prime Minister Denys Shmyhal. The funds, distributed through the World Bank, aim to alleviate the economic strain caused by the ongoing Russian invasion.
With 1.8 million more Ukrainians falling into poverty in 2021, the World Bank report highlights the urgent need for financial assistance. The grant will be used to pay essential workers and provide social support to those in need.
In addition to the grant, Ukraine has reached a preliminary deal with bondholders for debt restructuring, saving billions in the next few years. Despite facing economic challenges, foreign aid has played a crucial role in sustaining the country’s economy.
Ukraine reaches preliminary deal with bondholders on debt restructuring
Based on the deal, Ukraine stands to save $11.4 billion over the next three years and $22.75 billion by 2033, Prime Minister Denys Shmyhal explained.