Ukraine to receive $1.5 billion from World Bank for reforms

The Board of Directors of the World Bank has approved the allocation of $1.5 billion to Ukraine in support of the Fundamentals for Growth development policy, the press service of the Ukrainian government said. 984 million dollars will be provided by Japan and 515 million dollars by the United Kingdom. The funds could be received by the end of March.

"The funds raised will be used to support Ukraine's state budget and for economic recovery, to finance priority social and humanitarian expenditures of the state budget," Ukrainian Finance Minister Serhiy Marchenko said, his words quoted on the country's government website.

The DPL project is aimed at supporting reforms in Ukraine. The funds are transferred to the general fund of the country's state budget in a single tranche once the tasks set for it are completed. Among the main areas of reform are: improving corporate governance, strengthening the financial sector and ensuring transparency for customers in the e-procurement system. /BGNES