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Sunday, March 24, 2019

World Bank mission concludes work in Ukraine

Governor of the National Bank of Ukraine Stepan Kubiv held a final meeting on Monday with a World Bank mission team.

The mission worked in Ukraine on March 24-28 to identify the priorities and main areas of focus for financial sector reforms that could be supported by the World Bank. It was headed by Aleksandr Pankov, the World Bank's sector leader for financial and private sector development in Ukraine, Belarus and Moldova.

The World Bank Group announced its support for structural reforms in Ukraine and pledged its readiness to provide a financial aid package worth up to $3 billion to foster Ukraine's economic development.

The assistance will come as part of systemic and investment projects supported by the International Bank for Reconstruction and Development. It will also come from programs funded by the International Finance Corporation in the banking sector, in addition to agribusiness, infrastructure and other industries. The package includes the provision of technical assistance and advisory services.

The World Bank's financial aid program will focus on restoring Ukraine's macroeconomic stability, making the banking sector more resilient, reforming the energy sector, restricting corruption, enhancing accountability, improving the investment climate, and providing targeted social assistance to the most vulnerable.

The World Bank team's visit to Ukraine coincided with the conclusion of a visit by an International Monetary Fund mission that had worked in Ukraine to prepare an economic reform program that will be worth $14-18 billion.

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International Monetary Fund

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