U.S. allocates $4.5 bln grant to Ukraine through World Bank

The World Bank Group announced an additional $4.5 billion in funding for Ukraine under the PEACE project, which aims to help the government of Ukraine meet urgent needs caused by the ongoing crisis.

"The United States, through the U.S. Agency for International Development [USAID] in coordination with the U.S. Department of the Treasury, is providing an additional $4.5 billion in direct budgetary support to the Government of Ukraine to help alleviate the acute budget deficit," USAID said in a press release.

According to it, the government of Ukraine will receive funding in tranches, starting with a payment of $3 billion in August.

The World Bank indicates that additional funding will help maintain the government's ability to perform core functions at the national and regional levels.

In particular, the funds will help the government of Ukraine cover social benefits, medical services and pensions that are necessary for the well-being of the country's citizens.