The World Bank will provide Ukraine with a loan of $1.492 billion, which will be used to pay salaries for public sector workers. This was reported by the press service of the Ministry of Finance of Ukraine.

The funds are used to reimburse state budget expenses incurred to pay employees of state bodies and budgetary educational institutions - at the national and regional levels.

As noted, Finance Minister Sergei Marchenko and WB Regional Director for Belarus, Moldova and Ukraine Arup Banerjee signed an agreement on financing.

Ukraine will receive funds as part of an investment project for urgent support in the provision of public services with the assistance of the International Bank for Reconstruction and Development, as well as the International Development Association.

According to the ministry, this project already has financial guarantees from the UK, the Netherlands, Lithuania and Latvia and parallel funding from Italy.. Future guarantees are also expected from others, including from Denmark..

In addition, the project is going to be co-financed through the contributions of a new multi-donor fund, which is planned to be created by.

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“We are grateful to the World Bank for another contribution to support the financial stability of Ukraine. Now it is difficult to overestimate your help, especially in the conditions of full-scale armed aggression of the Russian Federation. The funds raised will allow Ukraine to strengthen funding for public sector employees, as well as ensure sustainable public administration in Ukraine,” said Serhiy Marchenko.

Earlier, the State Statistics Service of Ukraine reported that real GDP declined in the first quarter of 2022. compared to the previous quarter by 19.3%. And compared to the same period in 2021 - by 15.1%.