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World Bank approves $1.5 billion relief loan to Ukraine

by Abbey Fenbert June 30, 2023 5:49 AM 1 min read
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The World Bank approved a $1.5 billion loan to Ukraine on June 29, according to a press release from the organization.

The Ukraine Relief and Recovery Development Policy Loan, guaranteed by the Japanese government, aims to reduce the impact of Russia's invasion by targeting three areas: relief to households, reforms to transparency over public resources, and support for markets.

"Ukraine, in turn, has shown immense resilience in the face of Russia's invasion," said Antonella Bassani, World Bank regional vice president for Europe and Central Asia.

"We commend the government for taking on difficult reforms during a war, with an eye to its future and the long-term development of the country."

Some of the reforms the loan will support include measures to prevent internally displaced persons from being excluded from public housing programs, changes to the tax system to limit tax evasion, and efforts to stabilize the financial sector.

"The World Bank will continue its unwavering support to help Ukraine recover and rebuild an even stronger economy," Bassani said.

Since February 2022, the World Bank has mobilized over $37.5 billion in financial support to Ukraine.

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