The National Bank of Ukraine announced on Monday that Stepan Kubiv, the bank's governor, held a working meeting with Qimiao Fan, the World Bank's country director for Ukraine, Belarus and Moldova.
Kubiv, Fan and a World Bank mission team focusing on developing Ukraine's financial sector discussed the National Bank of Ukraine's policy priorities and the World Bank's main areas of focus.
Fan revealed that the World Bank will be providing up to $3 billion in financial aid to Ukraine in 2014. The World Bank will be financing investment projects in various industries, as well as providing technical assistance and financing in the private sector. It will also start a development policy loan program that will channel funds to shore up the state budget.
The meeting included a discussion of the terms of a loan agreement that would involve a set of measures aimed at reducing risk and ensuring stability in the financial sector.
Kubiv told the World Bank representatives about the current situation in Ukraine's financial and banking industries, particularly the liquidity and solvency of the banks. He thanked the representatives for the constructive exchange of opinions on how strategic reforms should be implemented in Ukraine's financial sector.
Kubiv also expressed hope that the National Bank of Ukraine would continue discussions with the World Bank during a future visit to Ukraine.
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