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World Bank to lend 300 million euros to back reforms, mitigate pandemic in Ukraine

by Oleg Sukhov December 19, 2021 7:19 PM 1 min read
President Volodymyr Zelensky meets with the President of the World Bank Group in Washington on Sep. 1, 2021. (president.gov.ua)
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The World Bank on Dec. 17 approved a 300 million euro loan to Ukraine to support reforms and help mitigate the impact of the Covid-19 pandemic.

The Economic Recovery Development Policy Loan aims to support the de-monopolization of the economy, strengthen anti-corruption institutions, improve land and credit markets, including access to finance for small farmers, and bolster the safety net for elderly Ukrainians who are vulnerable to Covid-19, the World Bank said in a press release.

“Amid high levels of economic vulnerability, a slow and uneven recovery from the Covid-19 shock is underway in Ukraine, and we hope this loan will provide the necessary support to reforms aimed at fostering a stronger, more inclusive recovery,” said Arup Banerji, the World Bank’s regional country director for Eastern Europe.

The World Bank last gave Ukraine a Development Policy Loan of $350 million in June 2020 to support the launch of land reform and help the Ukrainian government boost growth and investments in this sector.

On Dec. 10, the World Bank also announced it will give Ukraine $150 million to respond to the Covid-19 threat by buying 16.5 million vaccine doses and developing Covid-related outreach, communication and logistics networks.

Since the beginning of the pandemic, the World Bank has provided Ukraine with a total of $2.3 billion in budget support and investment projects.

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