Kyiv, October 27, 2008 - The World Bank today welcomed the agreement reached on October 26 between Ukraine and the International Monetary Fund on a policy package to address economic and financial vulnerabilities in the wake of the global economic crisis.
"We commend the authorities for acting rapidly to restore market confidence, - said Shigeo Katsu, Vice President of the World Bank for Europe and Central Asia. - The IMF's financial support will help Ukraine cope with the double blow of falling steel prices and financial difficulties caused by the global turmoil. The World Bank stands ready to play its part to help protect the vulnerable population and finance the needed capital investments to enable a faster recovery.”
The World Bank approved a new Country Partnership Strategy for Ukraine in December 2007, foreseeing around USD 4 billion in assistance over four years 2008-2011. The World Bank's assistance includes Development Policy Loans, providing budget financing to support key economic reforms, investment loans to finance public infrastructure and improved public services, and a program of analytical and advisory services.
"We are now reviewing our program together with the authorities to see how best to provide rapid assistance in key areas, including the restructuring and recapitalization of the banking sector, the provision of support to the vulnerable, the safeguarding of critical capital investments and the deepening of structural reforms to restore Ukraine rapidly to sustainable economic growth. We will work with the authorities to identify ways in which public resources can be spent more effectively and in a better targeted manner", - said Martin Raiser, Country Director of the World Bank for Ukraine, Belarus and Moldova.
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