(MENAFN) On Friday, the World Bank Group announced that it would provide an additional $2.5 billion in grant financing to Ukraine to support continuity of government services and recovery efforts in the country. The grant will provide direct support to Ukraine's budget under the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, which is aimed at maintaining essential services and core government functions amid the ongoing war.

The additional financing package to the PEACE project is in addition to previous grants to support key sectors such as health care, schools, payment of pensions and internally displaced people, social assistance programs, and wages for employees providing key government services. The funds for the grant will be provided by the US Agency for International Development (USAID), according to the statement released by the World Bank.

World Bank Group President David Malpass said that since the start of Russia's war, the international organization has mobilized $20.6 billion to support Ukraine, of which $18.5 billion has been disbursed and reached more than 12 million Ukrainians. The amount includes commitments and pledges from donors, including the US, the UK, Germany, Canada, Switzerland, and Japan.

The new grant comes as Ukraine's credit rating outlooks are at their lowest level in 19 years due to the ongoing war with Russia. The conflict has had a severe impact on the country's economy and government services, making the need for additional support from international organizations crucial.

Malpass noted that the World Bank Group would continue to support Ukraine through urgent repair projects and coordination with the government for recovery and reconstruction efforts.

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