Contents tagged with World Bank

  • 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 …

  • President of the World Bank to visit Ukraine in November

    Ukrinform reports that World Bank President Jim Yong Kim will visit Ukraine in November, according to an announcement by the Finance Minister Oleksandr Danyliuk at a briefing in Washington.

    "I met with the Vice President of the World Bank [Cyril] Muller. This was a continuation of my meeting with the President of the World Bank in the spring when I invited him to visit Ukraine. He accepted this invitation and we are already preparing for this visit next month,” the head of the Ministry of …

  • World Bank urges Ukraine to withdraw moratorium on land sale

    The World Bank has prepared a thematic note on land reform in Ukraine, calling for the ban on land trade to be removed.

    “The moratorium on the sale of agricultural land, in conjunction with the inadequate transparency in the area of land ownership rights and deals involving land, results in low productivity, a low level of investment in the agricultural sector, and low income from letting out land for millions of Ukrainians. Land reform is extremely important for improving the living standards …

  • The World Bank will allocate up to $20 million for direct investment in Ukraine

    The International Finance Corporation (IFC), a member of the World Bank Group, will invest up to $20 million into the Emerging Europe Growth Fund III, L.P. (EEGF III), which is a direct investment fund launched by Horizon Capital mainly for investments in Ukraine. This was reported by Interfax-Ukraine with reference to the IFC’s report.

    The Board of Directors approved the project at a meeting on June 5. The main investment object of EEGF III will be small- and medium-sized growing enterprises. …

  • Media: World Bank granted a $150 million loan to Ukraine

    The World Bank has decided to issue a loan of $ 150 million to Ukraine, as reported by TASS citing informed sources in the organization.

    As noted, the money was provided to the State Export-Import Bank of Ukraine under the sovereign guarantees of Kyiv. The purpose of this project, as noted by Ukreximbank, is to expand the access to long-term financing for "export-oriented small and medium-sized enterprises."

    Earlier, the project was planned to be approved without consideration, under a …

  • World Bank: Not all projects in Ukraine are moving as fast as they should

    Satu Kahkonen, the World Bank Country Director for Ukraine, Belarus and Moldova, has complained that the implementation of projects in Ukraine is progressing too slowly due to inefficient management.

    "Our portfolio of investments in Ukraine is large; they focus on such important areas as health care, social assistance, housing subsidies, energy, roads, and drainage. These are the means that should help ordinary Ukrainians improve their standard of living and bring real benefits. Regrettably, …

  • World Bank predicts growth of the Ukrainian economy by 2% in 2017

    The World Bank kept the forecast for the growth of Ukraine’s economy in 2017 at a 2% level, having noted the progress in reforming the system of public finances, debt policy, and the energy and banking sectors, as stated in the World Bank's "Global Economic Prospects" report.

    "Ukraine's GDP will grow against the backdrop of the improved situation in the sphere of security and effectiveness of the reforms already undertaken. Growth in 2017 is expected to reach 2%, which is unchanged compared …

  • The World Bank notes the first signs of the stabilization of the Ukrainian economy

    The World Bank has noted the first signs of the stabilization of the Ukrainian economy. As the World Bank Country Director for Ukraine, Belarus and Moldova, Qimiao Fan, stated on the 1st of April, the World Bank forecasts that the GDP of the country can grow by 1% in 2016 and 2% in 2017. In addition, the World Bank has estimated that inflation in the country will amount to 15% in 2016 and 11% in 2017.

    According to the representative of the World Bank, the reforms implemented by Kiev are …