Ukrainian Cabinet Statement on World Bank's decision to allocate US$500 million

08.08.2014 09:43 "Agro Perspectiva" (Kyiv) — On Jul 7, the World Bank’s Board of Directors approved a $500 million operation to finance the program to support the Ukrainian financial sector priority reforms, Government Portal reports as quoting the Cabinet Statement on the World Bank’s decision to allocate US$500 million. This important decision, says the Statement, is an evidence of support and trust from international financial institutions to our state and governmental programme of action on reforming the financial sector. This decision became possible thanks to the mobilization of political will of the Ukrainian President, Government, the majority of MPs, and the adoption on July 31 of a number of important reforms by amending the law on the Ukrainian State budget and the Tax Code. The package of reforms supported by this operation with the World Bank will help improve the performance of Ukraine’s banking system, its solvency. The Government welcomes decision of the World Bank’s Board of Directors as another important step towards restoring the confidence of foreign investors to Ukraine, especially in the current difficult conditions of the Russian aggression against our country. Background information: the project «The First Loan for the Financial Sector Development Policy» involves a US$500 million loan from the International Bank for Reconstruction and Development (IBRD).

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