On May 18, 2021, the Minister of Finance Serhiy Marchenko met with the World Bank Regional Director for Belarus, Moldova, and Ukraine Arup Banerjee.
During the meeting, the parties discussed additional funding for the fight against the pandemic, a loan for development policy in the field of economic recovery, an agreement to improve higher education in Ukraine, and other projects implemented with loans from the International Bank for Reconstruction and Development (IBRD).
Serhiy Marchenko thanked the IBRD representatives for the Bank’s support for Ukraine and stressed the importance of the World Bank’s participation in reforms aimed at modernizing the national economy, including support for social protection, health care, and transport development in Ukraine.
It should be noted that as of April 1, 2021, 12 investment projects and 1 system project worth $ 3,188.04 million are under implementation. US sample of funds for which amounted to 1 751, 84 million dollars. The USA. The sampling of funds within the IBRD portfolio is the largest compared to other MFIs. Compared to 2017, the IBRD loan sample (USD 106.33 million) increased 6.5 times and in 2020 amounted to USD 693.55 million. The USA.
During the meeting, the participants discussed the state of Ukraine’s compliance with the terms of the “Loans for Development Policy in the Field of Economic Recovery” (DPL). One of the requirements for obtaining a loan is the adoption of the bill №2195, which will start the process of selling land and renting them out. Such a bill was adopted today at a sitting of the Verkhovna Rada.
In addition, during the meeting the participants discussed a number of existing projects, the state of their implementation, as well as their further implementation and possible continuation. In particular, the parties discussed the agreement “Emergency response to COVID-19 and vaccination in Ukraine”, which provides for the allocation of $ 90 million to Ukraine. USA in the framework of the global initiative COVAX. The project will vaccinate 2 million Ukrainians and achieve the primary goal of reaching at least 20% of people who have been fully vaccinated against COVID-19.
The parties also discussed the development of a new World Bank Country Partnership Strategy, which aims to achieve sustainable economic recovery and growth. Arup Banerjee noted that Ukraine’s strategy should include the development of the transport system, energy, and agriculture. The Ministry of Finance is currently drafting an updated report of the World Bank’s system diagnostics of the country, which contains priorities and strategic directions for cooperation between the Bank’s future Partnership Program and Ukraine.
As a result of the meeting, agreements were reached on further cooperation on joint financing of existing and new projects.
“Ongoing and systematic review of project implementation contributes to improving the effectiveness of Ukraine’s cooperation with the IBRD and more efficient use of funds provided by the World Bank. I am confident that such a partnership will continue in order to carry out effective reforms in our country, “the Minister of Finance concluded.