Ukraine received a USD 1.5 billion Development Policy Loan from Japan and the United Kingdom through the World Bank mechanism

 Ukraine received a USD 1.5 billion Growth Foundations Development Policy Loan (DPL) from Japan and the United Kingdom through the World Bank mechanism. 

The financing consists of a USD 984 million guarantee from the Government of Japan through the World Bank's ADVANCE Ukraine Trust Fund and a USD 516 million guarantee from the United Kingdom. 

The general fund of the State Budget received USD 1.4 billion. In order to reduce the cost of servicing Ukraine's loan obligations, the Programme provides for the capitalisation of interest on Japanese funds in the amount of USD 99.54 million. 

"The effective work of the Government, together with timely support from our partners, allows us to maintain financial system stability, despite the full-scale aggression and daily russian terror. I am grateful to Japan, the United Kingdom and the World Bank team, who have been standing with Ukraine since February 2022. The raised financing will be used to support the key priorities of the State Budget," said Minister of Finance of Ukraine Sergii Marchenko. 

Ukraine was required to fulfil eight requirements under the programme, including the harmonisation of Ukraine's customs and tax legislation with EU standards, improvement of fiscal policy and capital market regulation, and ensuring transparency and accountability in the e-procurement system. 

On 26 March, the Board of Directors of the World Bank approved the DPL Loan, after which the Minister of Finance of Ukraine Sergii Marchenko and World Bank Regional Director for Ukraine, Belarus and Moldova, Europe and East Asia Arup Banerji signed the Loan Agreement.