The Financial Express

World Bank approves $350m loan for Ukraine

| Updated: June 28, 2020 14:08:27

Evaly and Fianancial Express Evaly and Fianancial Express
File photo (collected) File photo (collected)

The World Bank has approved a 350 million US dollar loan for Ukraine in support of reforms that are critical to its economic recovery and to help mitigate the impact of the coronavirus pandemic, the bank said.

The Ukrainian government said earlier this month it expected to receive this loan by the end of June after securing a $5 billion loan programme from the International Monetary Fund on June 9, reports Reuters.

The bank said late on Friday that the key reforms supported by the loan included a strengthening land and credit markets, fostering anti-corruption institutions and bolstering the social safety net for the vulnerable elderly population to cushion the impact of the Covid-19 pandemic.

The World Bank is a major development partner of Ukraine and since the country joined the Bank in 1992, its commitments to Kyiv have totalled about $14 billion for more than 80 projects and programmes.

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