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Ukrainian Prime Minister Denys Shmyhal announced Friday that his country will receive $1.5 billion from the World Bank to support reconstruction and recovery.
According to the Ukrainian Prime Minister, the funds will be guaranteed by the Japanese government and will be allocated to support social security and economic development, the Ukrainian Prime Minister said.
"In particular, the loan will help support subsidies for internally displaced people and pension payments," he added.
Ukraine depends on financial assistance from foreign partners to cover the budget deficit. On Thursday, the board of the International Monetary Fund ended the debt review for Kiev, allowing Ukraine to immediately withdraw $890 million to shore up the budget.
The Ukrainian government is hoping for a modest economic recovery this year, after the economy shrank by about a third in 2022 due to the war, and is working with foreign partners to secure financing for the so-called rapid recovery.
Ukraine is rebuilding schools, hospitals, roads and bridges and making repairs to the energy sector despite ongoing fighting in the southern and eastern parts of the country.
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