cross-posted from: https://scribe.disroot.org/post/7110362
Ukraine’s Finance Ministry and the World Bank signed a grant agreement on Thursday worth $690.8 million, funded by Japan and Canada through proceeds generated from frozen Russian assets under an Extraordinary Revenue Acceleration (ERA) Loan.
Signed in autumn 2024, the ERA Loan is the key macrofinancial assistance for Ukraine, helping Kyiv to sustain core state functions during wartime. The tranche represents Canada’s final contribution under the ERA instrument and Japan’s first disbursement.
The funding was secured under the “Supporting Public Expenditures for Sustainable Public Administration in Ukraine” program, known as PEACE in Ukraine, a mechanism set up by the World Bank and Ukraine’s Ministry of Finance.
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According to the finance ministry, the grant will be directed to Ukraine’s general budget fund and used to reimburse critical state expenditure, including pension payments and social assistance programs.
These include housing and utility subsidies, which have grown in importance as millions of Ukrainians face reduced incomes amid the war and repeated attacks on civilian infrastructure.
Of the total $690.8 million package, $544 million stems from the Japanese government, $146 million from Canada, and $800,000 from a multi-donor trust fund established under the PEACE in Ukraine program.
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Following the latest disbursement, total funding mobilized through the PEACE in Ukraine program will reach $51.7 billion, the finance ministry reported.
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The ERA Loan is a crucial component of Ukraine’s 2025 financial strategy, backed by profits generated from frozen Russian assets held in Europe.
The program redirects interest earnings from Russia’s immobilized assets toward Ukraine to compensate for the destruction caused by the war. The ERA Loan provides $50 billion in financial assistance that Ukraine will not have to repay.
This initiative was negotiated between Ukraine, the EU, the US, Canada, Japan, and the UK, with joint agreements signed in late 2024. These countries remain the ERA’s major stakeholders.
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If "good" is not fair, then it is arbitrary. That's why the lady of justice is depicted as blind.
It's better that justice works some of the time than that it never works at all.
Again, if Justice works only some of the time it becomes arbitrary.
Arbitrary justice (justice only working some of the time) looks the same as when justice never works at all.
It becomes rule of the strong.
It was Russia that started this war and it must be clear that it will have to pay for the destruction it has caused. That's justice.
OK. But who decides when justice will be applied and when will it not? Will Russia pay reparations to Afghanistan for the invasion in the 1980's. Will the US pay for Iraq and Afghanistan?
Even just sticking to Russia, why is Ukraine getting paid with Russian assets but Afghanistan did not. Who decides this? Do you see how arbitrary this is?