The Ministry of Finance of Ukraine has signed an agreement with the International Bank for Reconstruction and Development for supporting the reconstruction of the country in the amount of 246.5 million US dollars under the SURGE program 'Support for Reconstruction through Smart Fiscal Management'.
The funds will be allocated from the Target Fund for providing credit support to Ukraine (ADVANCE Ukraine), which is supported by the Government of Japan. The main goal of the project is to improve public investment management as well as fiscal management and budgeting at the local level.
'It is planned that by the end of 2025, 229.7 million US dollars will be attracted to the general fund of the State Budget. Part of the loan amounting to 16.8 million US dollars will be used to reduce the costs of servicing Ukraine's debts in the coming years. The agreement was signed by the Minister of Finance of Ukraine Serhiy Marchenko and the Regional Director for Eastern Europe at the World Bank Bob Som'
The SURGE program started in 2024, the total amount of agreements between the World Bank and Ukraine is 760 million US dollars. The implementation of the project is carried out through the financial instrument 'Program for Results-based Lending' (PforR).
'Cooperation under the SURGE project helps to manage public investments and resources more effectively, increase the financial stability of communities, ensure transparent use of funds, and build taxpayer trust. We thank the World Bank for supporting Ukraine and believing in our joint success in reconstruction,' emphasized Finance Minister Serhiy Marchenko after signing the agreement.
The agreement between Ukraine and the IBRD for the amount of 246.5 million US dollars under the SURGE program aims to improve public investment management and fiscal management, which will contribute to the reconstruction of the country and increase taxpayer trust.