World Bank approves decision to allocate $350 million to Ukraine

The Board of Executive Directors of the World Bank (WB) approved on June 26 a decision to provide Ukraine with a first loan in the amount of $350 million, the press service of the financial organization said. The loan will be provided to Ukraine as part of the development policy in the field of economic recovery and will be aimed at supporting reforms critical for economic recovery. It is reported that the funds allocated will also help mitigate the effects of the coronavirus pandemic. As part of this loan for development policy, 350 million US dollars are provided to support the state budget in difficult times, the WB press service quotes the World Bank Director for Belarus, Moldova and Ukraine Arup Banerjee. The press service of the World Bank also listed the main reforms, the implementation of which in Ukraine is supported by the international financial structure. Among them, WB listed reforms aimed at (I) strengthening land and credit markets by creating an effective market for agricultural land and resolving problem loans in state banks; (ii) support for de-monopolization and anti-corruption institutions, as well as the restructuring of the gas sector; (iii) strengthening social protection to support older people who are particularly vulnerable to COVID-19, the World Bank press service said. The organization also clarified that this loan is one of the two planned. The second will support the development of additional important legislation in the field of land reform and further strengthening pension payments to vulnerable older people. See also: Ukraine expects to receive $350 million from the World Bank in July. Recall earlier, Ukrainian Finance Minister Sergei Marchenko said that Kiev plans to receive a loan of $350 million from the World Bank in July 2020. See also: $350 million in June: The World Bank joined the feeding of Ukraine

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