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Partners have amassed over US$1 billion of support for Ukrainian power system over past week – Ukraine's PM

Tuesday, 18 June 2024, 17:38
Partners have amassed over US$1 billion of support for Ukrainian power system over past week – Ukraine's PM
Power pylons. Stock photo: Getty Images

Over the past week, the support for the Ukrainian power system has reached a total of over US$1 billion.

Source: Denys Shmyhal, Prime Minister of Ukraine

Details: Ukraine expects the allocation of €1.9 billion within the Ukraine Facility programme as early as this month.

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In addition to this, after the fourth review of the extended funding programme was approved by the Executive Board of the International Monetary Fund, the allocation of US$2.2 billion more is expected.

"Since the beginning of the year, Ukraine has already attracted USD 11.8 billion in external financing. We believe that further support will be predictable and consistent," Shmyhal stressed.

He added that the US would direct US$500 million of supplementary energy aid through USAID and redirect US$324 million more for the rebuilding of power infrastructure.

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"Norway will make a USD 74 million contribution to Ukraine's energy resilience. Part of these funds will be used to repair facilities in Kharkiv and the region. The Government of Canada will inject USD 14.5 million into the Ukrainian energy sector," Shmyhal revealed.

Background: The National Bank of Ukraine expects that this month Ukraine will receive US$2.2 billion from the IMF and €1.9 billion from the EU.

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