Contents tagged with World Bank

  • Ukraine will not receive macro-financial assistance from the EU in March

    The Ukrainian Financial Ministry stated that Kyiv might not have time to get macro-financial assistance from the EU in the amount of 500 million euro by the end of March 2019.

    "Now, the [EU] assessment mission is working and drawing its conclusions. We have very little time left till the end of this month and we should count on future periods [for funding],” Deputy Minister of Finance Vasyl Shkurakov said. He estimated that Ukraine should receive about 4 billion dollars from external creditors …

  • G7 and World Bank urge Ukraine to reinstate illicit enrichment article of Criminal Code

    The Group of Seven and the World Bank have criticized the Constitutional Court of Ukraine’s decision to revoke article 368-2 of the Criminal Code, which deals with illicit enrichment.

    “The recent elimination of the illicit enrichment offence from the criminal code is a serious setback in the fight against corruption in Ukraine. This has weakened the impact of the whole anti-corruption architecture, including the soon to be established High-Anti-Corruption Court, which was expected to rule on a …

  • Ukraine receives €529 million loan under World Bank’s guarantee

    On February 28, Ukraine obtained a loan of 529 million euro from Deutsche Bank under the World Bank’s guarantee for supporting the state policy on economic growth, reported the Ukrainian Finance Ministry.

    The loan comes in two tranches. Tranche A in the amount of 240 million euro matures in 4 years and Tranche B in the amount of 289 million euro matures in 10 years. The second part of an existing guarantee for the whole amount of 750 million dollars was used for this loan.

    Ukraine obtained …

  • World Bank: Ukraine will need 50 years to reach Poland’s economic level

    According to the World Bank’s vice president for Europe and Central Asia, Cyril Muller, without necessary reforms and having current GDP growth rates, Ukraine will need 50 years to reach Poland’s current economic level, reported  Economichna Pravda with reference to a World Bank study on the economic development of Ukraine.

    According to Muller, in 2017 the total net worth of the three richest individuals in Ukraine exceeded 6% of Ukraine’s GDP.

    “It is almost twice as much as in Russia and …

  • World Bank calls Ukrainian reforms effective

    Representatives of the World Bank have remarked on the high effectiveness of the reforms carried out in Ukraine’s financial sector, the National Bank of Ukraine (NBU) reported on Facebook.

    “Last week as part of a tour of Eastern Europe, 10 executive directors of the World Bank came to Ukraine. As part of their visit, they had a series of meetings with domestic officials to discuss future collaboration. The World Bank representatives remarked on the high effectiveness of the reforms which have …

  • Russia refuses to take part in recapitalization of World Bank

    Russia has refused to participate in the recapitalization of the World Bank (WB) due to disagreement over the new principles of its credit policy, TASS reports.

    The United States has also decided to abandon its participation in the recapitalization; however, the US will retain a blocking minority stake, which will drop from 20% to 15%.

     "We [Russia] proceed from the fact that we will not participate. Firstly, we are not happy with the fact that the IDA [part of the World Bank] is maintained …

  • World Bank discusses budget support program with leaders of Ukraine

    The World Bank is discussing a budget support program with the leaders of Ukraine which provides guarantees in the amount of $800 million, as stated by Cyril Muller, Vice President of the World Bank, in an interview with ZN.UA.

    “This assistance will, in fact, partially fund the costs associated with repayment of Ukraine’s debts. The program provides for the provision of 800 million dollars to the government of Ukraine. Also, we are now discussing a number of projects in the energy sector, and …

  • Ukrainian National Bank transfers $1 billion of currency reserves under the World Bank’s administration

    The National Bank of Ukraine (NBU) has transferred up to $1 billion of the country’s gold and foreign currency reserves under the management of the World Bank, Interfax-Ukraine reported, citing a statement by the Central Bank’s deputy chairperson Oleg Churiy.

    “Currently part of the gold and foreign currency reserves [of Ukraine] is managed by the World Bank,” the Central Bank’s official said, adding that the World Bank acts as “one of the largest investment managers for central banks,” and as …

  • The World Bank threatens to deprive Ukraine of $800 million loan guarantees

    The World Bank has decided that the draft bill on an Anticorruption Court submitted by President Petro Poroshenko does not conform to Ukraine’s international obligations.

    Satu Kahkonen, the World Bank Country Director for Belarus, Moldova and Ukraine sent a letter to the Verkhovna Rada and the Presidential administration in which she warned against the adoption of the President’s version of the Law on Anticorruption Court. A copy of the letter was published by Evropeiska Pravda.

    The World …

  • Ukrainian President: launch of land reform in the country postponed for another year

    President Petro Poroshenko stated at a meeting with business representatives on Friday, December 1 that the launch of the land market will be postponed for at least a year.

    "We have so far failed to break through the defense of populists, who vehemently oppose the free circulation of agricultural land but I wish to underline my fundamental political stance. I am in favor of the land market," said the President.

    Poroshenko explained that it is still necessary to do related work, such as …