Ukraine and the World Bank have signed a $3.39 billion agreement
Ukraine and the World Bank have signed a package of financial agreements totaling $3.39 billion. The funds will be used to support the country’s macrofinancial stability and finance priority budget expenditures.
This was announced by Prime Minister Yulia Svyrydenko.
The documents were signed during the Conference on Ukraine’s Recovery in Gdańsk as part of the first Development Policy Program for Jobs and Private Sector Growth (DPO).
The agreement provides for a $1.04 billion loan, of which $500 million is guaranteed by the United Kingdom and another $540 million is guaranteed by Japan. In addition, Ukraine will receive $2.35 billion in grant funding from the F.O.R.T.I.S. Ukraine FIF Fund.
According to Svyrydenko, the funds received will help ensure the stability of public finances and cover priority budgetary needs.
The Prime Minister noted that the agreement was made possible after Ukraine fulfilled the program’s conditions. To this end, 13 laws and seven subordinate acts were adopted, covering public procurement, factoring, the integration of the energy market with the EU, the development of the agricultural sector, veteran entrepreneurship, housing policy, preschool and vocational education, as well as the restoration of the greenhouse gas monitoring system.
Separately, Svyrydenko reported that during a meeting with World Bank President Ajay Banga, the parties discussed further cooperation, in particular the development of a long-term strategy titled “Economy of the Future,” which will shape the development of the Ukrainian economy after the war ends.
Other priorities for cooperation include the development of a modern housing policy, the expansion of affordable mortgage programs, and the implementation of transparent, phased privatization with the involvement of strategic investors.
Source: Yulia Svyrydenko.
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