Ukraine receives USD $ 24 million from the Kingdom of Norway for budget support

9/3/15

Today Ukraine received financial support in the amount of a USD $24 million grant from the Kingdom of Norway. The grant was provided within the framework of the Addendum to the Agreement between the Government of Ukraine and the Government of the Kingdom of Norway to support the State Budget of Ukraine. With this Agreement the total financial support to Ukraine’s State Budget will be increased from the previously announced USD $12.3 million to USD $24 million.

The grant from the Kingdom of Norway will be issued as part of a broad package of financial support to Ukraine from its bilateral and multilateral partners. The receiving of this grant became possible after the approval of the Development Policy Loan ІІ on 25 September, 2015, by the Board of Directors of the World Bank and the approval of the new cooperation program on 11 March, 2015, by the Board of Governors of the IMF. These two decisions highlighted the Ukraine Government’s success on its implementation of numerous structural reforms in energy, social and financial spheres, as well as improving public governance, the use of state funds, and fighting corruption.

This support, on behalf of the Government of Norway, will enable Ukraine to reinforce the financial stability of the State Budget of Ukraine.

“Receiving this grant from the Government of Norway is clear evidence that the international community supports our programme of reforms. We deeply appreciate this showing of trust and confidence that we can build a new successful and prosperous Ukraine. Nevertheless, there is a long way ahead and we hope that our partners will walk with us side by side” Minister of Finance of Ukraine Natalie Jaresko said.

This grant will enable Ukraine to reinforce the financial stability of the State Budget of Ukraine and will support the implementation of the ongoing programme of administrative reform.

Key facts about grant:

The new Addendum to the Agreement between the Government of Ukraine and the Government of the Kingdom of Norway to support the State Budget of Ukraine was signed on 12 May, 2015.

The previous Addendum to the Agreement between the Government of Ukraine and the Government of the Kingdom of Norway to support the State Budget of Ukraine was signed on 18 November, 2014.

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