Ukraine to receive $1.5 billion loan from World Bank – PM

KYIV (Reuters) -Ukraine will receive a $1.5 billion loan from the World Bank guaranteed by the government of Japan, Ukrainian Prime Minister Denys Shmyhal said on Thursday.

The loan will be used to strengthen social protection, provide assistance to people during Russia’s war on Ukraine, and rebuild the economy, Shmyhal said in a post on the Telegram messaging app.

The World Bank and International Finance Corporation (IFC) also plan to mobilise more than $8 billion for new programmes in the country, Shmyhal said in a later tweet.

The World Bank and its partners have mobilised $34 billion to help Ukraine, of which more than $22 billion has already been received, Shmyhal said.

Ukraine relies on financial aid from its foreign partners to be able to cover its budget deficit.

(Reporting by Anna Pruchnicka and Kyiv newsroom; Editing by Timothy Heritage and Alison Williams)