Statement of the Cabinet of Ministers on World Bank's decision to allocate $ 500 million

Today, the World Bank’s Board of Directors approved a $500 million operation to finance the First Programmatic Financial Sector Development Policy Loan in Ukraine. This important decision is an evidence of support and trust from international financial institutions to our state and governmental programme of action on reforming the financial sector.

This decision became possible thanks to the mobilization of political will of the President, the Government, the majority of MPs, and the adoption on July 31, a number of important reforms by amending the law on the State budget and the Tax code of Ukraine.

The package of reforms supported by this operation with the World Bank will help improve the performance of Ukraine’s banking system, its solvency.

The Government welcomes today's decision of the World Bank’s Board of Directors as another important step towards restoring the confidence of foreign investors to Ukraine, especially in the current difficult conditions of the Russian aggression against our country.

Background information: the project "the First Programmatic Financial Sector Development Policy Loan” involves a $500 million loan from the International Bank for Reconstruction and Development (IBRD).