World Bank provides Ukraine with additional $664 million for social protection

The World Bank has agreed to allocate additional financial resources to Ukraine in the amount of $664 million for the implementation of the "Investing in Social Protection for Increased Coverage, Resilience and Effectiveness" (INSPIRE) project. These funds will help strengthen the social protection system in wartime and post-conflict situations.

According to the Ministry of Finance of Ukraine, $602 million of the total allocated funds will be directed to the general fund of the state budget. This funding is intended to support low-income and vulnerable groups, improve access to social services and strengthen the effectiveness of the social protection system.

The INSPIRE project focuses on increasing the effectiveness of social support programs, including housing and communal subsidies, as well as on assistance to internally displaced persons. These initiatives will help the country better respond to the challenges posed by wartime, as well as to the needs arising in post-conflict recovery.

The Minister of Finance of Ukraine, Serhiy Marchenko, emphasized the importance of this project for ensuring social protection of the country's citizens. According to him, the INSPIRE project is an important tool that will help overcome the consequences of the war and create a basis for sustainable development after its end.

These funds will be an important addition to the government's ongoing efforts to support the most vulnerable groups of the population affected by the war. Improving access to social services will significantly improve the standard of living of many Ukrainians who need assistance in conditions of economic instability.

Thus, the allocation of an additional $664 million for social protection is an important event for Ukraine, as these funds will significantly contribute to improving the well-being of citizens who have experienced difficult times of war.