Ukraine attracted $196.3 million in concessional financing from the World Bank, the funds were provided under guarantees from the Japanese government through the ADVANCE Ukraine fund as part of the SURGE program – “Supporting Recovery through Smart Fiscal Management”. As reported by the press service of the Ministry of Finance of Ukraine, these funds have replenished the general fund of the state budget and are aimed at strengthening public finances and supporting important institutional reforms.
The SURGE project, which launched in Ukraine in late 2024, has already attracted more than $1 billion under agreements concluded with the World Bank, including $10 million in grant funding. The program operates under the Program-for-Results mechanism, which provides for the allocation of funds only after achieving specific reform results. Each tranche confirms the effectiveness of fiscal management and budget policy.
To receive new funding, Ukraine has fulfilled a number of key conditions: more than 300 communities have received additional grants after updating the criteria and procedures for resource allocation; at least 400 communities have included gender information in medium-term budget plans and published relevant documents to increase transparency; more than 50 specialists from central executive bodies have been trained in public investment management, in particular in integrating climate aspects into decision-making; and the State Tax Service has developed methodological documents as part of a pilot project on tax risk management.
Finance Minister Serhiy Marchenko emphasized:
“Over the past year of SURGE implementation, the state budget has already received more than $876 million, which has made a significant contribution to the stability of public finances in wartime and created the basis for effective investment management during the country’s recovery”.
