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 World Bank provides $500 million loan to Ukraine, as authorities show impressive results in reforming economy

The World Bank’s Board of Executive Directors has approved a $500 million loan for Ukraine to further bolster country's financial sector.

Censor.NET reports citing bank's official website.

"Bringing back stability and economic growth to Ukraine will only be possible if the country stays on the path of reforms," World Bank Country Director for Belarus, Moldova, and Ukraine Qimiao Fan said.

According to him, the loan will help this goal by supporting a number of measures to stabilize the country's financial sector and create a healthier banking sector.

He noted that Ukraine's authorities have taken some impressive steps to stabilize and reform the economy and that the World Bank is now seeing tentative signs of stabilization.

Read more: Ukraine's creditors call restructuring deal unfair, ask for renegotiation, - Bloomberg

At the same time, Qimiao Fan says it is critical that the authorities continue to accelerate reforms, as the challenges are so unprecedented.

This operation is part of the World Banks broader financial support package announced in February this year, which aims to provide Ukraine with up to $2 billion in 2015. Under this program, Ukraine already received $750 million in May this year.

As previously reported, the World Bank's Board of Executive Directors approved a $214.73 million loan for Ukraine intended for improvement of public health service. Also, Ukraine has received $378 million as financing of bulk power system development project.
 
 
 
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