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Ukraine to receive $1.5 billion World Bank reform loan by end of week

Photo by Markus Krisetya / Unsplash

Ukraine is about to receive a $1.5 billion loan from the World Bank to help strengthen the country's social protection system, increase transparency in the use of public resources and support the functioning of public markets.

The loan, announced last year, was approved by the World Bank board of directors and will arrive by the end of this week, the Ukrainian Ministry of Finance said in a press release. It is guaranteed by the government of Japan.

"The main directions of the reforms concerned the improvement of corporate governance, the stimulation of renewable energy generation, the introduction of agrarian notes as a new tool for obtaining financing by farmers and strengthening the financial sector by improving business access to financing," the government said in the release.

When the loan was first announced last year, the World Bank said it would help Ukraine in three main areas:

"First, it will help to address the needs of the newly poor and displaced because of the war by providing relief to households," the lender said. "Second, it will support reforms to enhance the transparency and accountability of public resources expenditures. Third, it will help markets to function better during and after the war."

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