Ukraine has raised almost $200 million under Japanese guarantees
27 December 01:48
In December 2025, Ukraine received $196.3 million in concessional financing from the World Bank under the guarantees of the Government of Japan through the ADVANCE Ukraine fund. This is stated in a statement by the Ministry of Finance, "Komersant Ukrainian" reports
The funds were raised as part of the SURGE project – “Supporting Recovery through Prudent Fiscal Governance”.
The funding was transferred to the general fund of the State Budget of Ukraine and is aimed at strengthening the sustainability of public finances.
The SURGE project has been implemented in Ukraine since the end of 2024. As of today, the World Bank has signed agreements with Ukraine for more than USD 1 billion under the program, including USD 10 million in grant funding for the effective implementation of institutional reforms.
The project is being implemented using the Program-for-Results (PforR) instrument, which is financing directly linked to the achievement of specific reform results. Each tranche is a confirmation of the fulfillment of certain performance indicators.
To receive the next tranche of funding, Ukraine fulfilled a number of key conditions, including
- more than 300 communities received additional grants after the implementation of updated criteria and procedures for resource allocation;
- at least 400 communities have integrated gender information into medium-term budget plans and published relevant documents, which increases budgeting transparency and reduces corruption risks
- at least 50 specialists from central executive authorities were trained in public investment management using new procedures, including the integration of climate aspects into decision-making;
- The State Tax Service developed regulations on the approval of methodological documents within the framework of a pilot project on tax risk management.
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