The World Bank provides $ 350 million to Ukraine

The World Bank will provide $ 350 million to Ukraine for the economic reforms and the state budget support.

The funds are allocated under the first loan for development policy in the field of economic recovery and coronavirus pandemic effects elimination.

Reforms which the grant supports are to strengthen the land and credit markets. This involves creating an efficient market of agricultural land and sorting out non-performing loans at state-owned banks. The second development policy loan is to should support the additional land reform legislation development as well as to strengthen pension payments.

To recap, the International Monetary Fund recently worsened its forecasts for 2020. If it predicted a 3% contraction in the global economy in April, it expects now 4,9% decline.

Natalia Tolub