Minister of Finance of Ukraine Serhiy Marchenko and Senior Country Officer at World Bank Ukraine Klavdiya Maksymenko signed the agreement on granting Ukraine a $350 million loan from the International Bank for Reconstruction and Development for the First Economic Recovery Development Policy Loan project.
The funds will be channeled into measures to counter COVID-19, as well as to finance the State Budget.
The main objectives of the project:
- Stimulating competition and strengthening government institutions, in particular by demonopolising the gas sector, expanding infrastructure sector, and strengthening anti-corruption institutions.
- Strengthening the land market and credit market by creating a transparent agricultural land market with appropriate guarantees of protection, strengthening the mechanism for non-performing loan management and non-bank financial institutions supervision.
- Bolstering the social safety net.
Background: A $350 million loan package (except for a one-time commission of $875,000) will be transferred to the general fund of the State Budget of Ukraine and will be used, among other things, to counter COVID-19.