MOSCOW, August 8 (RIA Novosti) - The World Bank approved the allocation of $500 million to Ukraine to support the country’s banking system, World Bank Country Director for Belarus, Moldova, and Ukraine Qimiao Fan said in a statement.
“The package of reforms supported by this operation will help improve the performance of Ukraine’s banking system and its resilience to both domestic and external risks,” Qimiao Fan said. “We are helping the Ukrainian authorities to implement an urgent set of measures aimed at returning the country to a sustainable growth path. Maintaining efficient and stable operations of the banking system is a critical part of this reform agenda, which the World Bank will continue to support through this loan and other instruments.”
This operation is the first part of the World Bank Group’s broader “crisis-response support package” worth $3.5 billion and announced in March this year.
According to the statement, the World Bank is a major development partner of Ukraine.
“With this new investment, the Bank’s active lending portfolio will amount to US $4.19 billion through 12 operations in the country. Since Ukraine joined the World Bank in 1992, the Bank’s commitments to the country have totaled over US$9 billion for 45 projects and programs,” the statement reads.
Ukraine is expected to receive a total of $27 billion from international donors such as the IMF, the World Bank, the United States and the European Union. From this sum about $14 billion is to come this year.
