World Bank assured Ukraine of expanded assistance: details

World Bank leaders assured Ukraine of continued support and expansion of assistance mechanisms, the parties discussed the implementation of projects, attracting investments and reforms on the way to joining the EU, the Ministry of Finance reported following the negotiations of Finance Minister Serhiy Marchenko in Washington at the spring meetings of the IMF and the World Bank Group, UNN writes.

Details

"The parties discussed the implementation of joint ongoing projects, as well as plans for 2025 and future periods regarding attracting budget assistance, creating conditions for attracting private investments, as well as reforms within the framework of cooperation with the World Bank," the statement said. The Minister emphasized the importance of continuing cooperation with the World Bank "both in supporting financial stability and recovery".

The parties also discussed "the continuation of the implementation of reforms by the government of Ukraine on the way to joining the EU".

"Despite the constant challenges caused by the war, the government of Ukraine is committed to the reform agenda, which not only brings Ukraine closer to the EU, but also contributes to the economic development and recovery of the country. The analytical tool Reform Matrix, developed jointly with the Bank in February last year, is a roadmap and a plan for the transformation of Ukraine, which contains more than 300 reforms with measurable indicators," Marchenko said.

Ukraine and the World Bank, among other things, discussed the details of the new Development Policy Loan (DPL) program for the current year. The purpose of the DPL is to support the implementation of reforms in Ukraine. Thus, Ukraine receives a corresponding tranche based on the results of the implementation of the program requirements.

Addition

For 2022-2025, the volume of the portfolio of active World Bank projects in Ukraine is the largest for all years of cooperation. From February 2022 to the State Budget of Ukraine, financial assistance in the amount of more than 51 billion US dollars was received (which is especially important - 30.7 billion US dollars are grants) within the mobilized World Bank resources.