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World Bank provides US$500 million, urges Ukraine to boost reforms
16.09.2015 16:58 "Agro Perspectiva" (Kyiv) —
The World Bank’s Board of Executive Directors approved on Sept 15 a US$500 million loan to support Ukrainian financial sector, UNIAN says referring to the Banks press service.
«Bringing back stability and economic growth to Ukraine will only be possible if the country stays on the path of reforms,» said Qimiao Fan, World Bank Country Director for Belarus, Moldova, and Ukraine, reads the press release.
«Our new operation will help this goal by supporting a number of measures to stabilize the country’s financial sector and create a healthier banking sector,» said Fan.
«The Ukrainian authorities have taken some impressive steps to stabilize and reform the economy and we are now seeing tentative signs of stabilization,» said the official. «However, because the challenges are so unprecedented, it is critical that the authorities continue to accelerate reforms.»
It is to be admitted, this operation is part of the World Bank broader financial support package announced in Feb this year, aimed to provide Ukraine with up to US$2 milliard in 2015. With the approval of this operation, the World Bank will have delivered US$1.215 milliard to Ukraine in 2015, including US$1 milliard direct budget support.
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