15:20 31.07.2020

Ukraine could sign $350 mln loan agreement with World Bank late Aug – Finance ministry

2 min read
Ukraine could sign $350 mln loan agreement with World Bank late Aug – Finance ministry

Ukraine and the International Bank for Reconstruction and Development (IBRD) from the World Bank Group plan to sign a $350 million loan agreement at the end of August 2020, the press service of the Ministry of Finance has told Interfax-Ukraine.

"It is expected that the loan agreement between Ukraine and the IBRD will signed at the end of August. After the signing and entry into force of the loan agreement, its funds will be transferred to the general fund of the national budget," the press service said.

As reported, at the end of June 2020, the World Bank's Board of Executive Directors approved a $350 million First Economic Recovery Development Policy Loan (DPL) for Ukraine in support of reforms that are critical to economic recovery. The key reforms supported by the DPL include: strengthening land and credit markets by creating a transparent and efficient market for agricultural land and resolving non-performing loans in state owned banks; fostering de-monopolization and anti-corruption institutions including by restructuring the gas sector; bolstering the social safety net for the vulnerable elderly population to cushion the impact of the COVID-19 pandemic.

Analysts from Moody's Investors Service said that an increased uncertainty around the leadership of the National Bank of Ukraine (NBU) and its autonomy places at risk Ukraine's further external financing. Kyrylo Shevchenko was appointed new NBU governor.

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