World Bank to support Ukraine with up to $2 billion in 2015
This assistance will focus on protecting the poor and supporting important reforms, especially in the gas and banking sector, as well as in fighting corruption and improving governance and business environment.
"We hope that today's agreement in Minsk and the IMF's agreement with Ukraine will pave the way for a more stable economic and development environment to benefit the people of Ukraine," said World Bank Group President Jim Yong Kim.
"Today I am announcing that the World Bank is ready to commit up to $2 billion in 2015, supporting the people of Ukraine in the face of current economic, financial, and geopolitical challenges. It is vital that Ukraine undertakes comprehensive reforms quickly."
In 2015, the World Bank program will include significant budget support for reforms and a number of investment projects to improve service delivery in health and public infrastructure. The World Bank financing will be part of the overall package of support from the international community, and the Bank is working closely with the IMF.
As the country's long-term development partner, the World Bank has been implementing an on-going budget support and investment program of about $4.5 billion, aimed at accelerating structural reforms, improving basic public services in areas such as water supply, sanitation, power and roads, protecting the poor, and supporting the private sector development.
Since Ukraine joined the World Bank in 1992, the Bank's commitments to the country have totaled over $9 billion for 45 projects and programs. ■