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WORLD BANK APPROVES $2 BILLION FOR UKRAINE INCLUDING FUNDS FROM NEW US LOAN FUND

By David Lawder
December 18, 20248:34 PM GMT+1Updated 10 days ago
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The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group
and the International Monetary Fund in Washington, U.S., April 13, 2023.
REUTERS/Elizabeth Frantz/File Photo Purchase Licensing Rights, opens new tab
 * Summary
 * Companies

 * Ukraine package includes first funds from $20 billion US loan
 * Russian frozen asset income supports $1 billion grant to Ukraine
 * Britain, Japan to guarantee $1.05 billion World Bank financing
 * World Bank seeks reforms on rail, energy, taxes, banking

WASHINGTON, Dec 18 (Reuters) - The World Bank said on Wednesday its executive
board approved $2.05 billion in Development Policy Operation funding for Ukraine
that includes the first grant from a new $20 billion U.S. loan fund for Kyiv
that is backed by income from frozen Russian sovereign assets.
The new package aimed at boosting Ukraine's financial and economic stability
also includes World Bank financing of $1.05 billion that is enhanced with loan
guarantees from a trust fund supported by Japan and Britain, the World Bank said
in a statement.
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The U.S. Treasury last week transferred the $20 billion in loan funds to a new
World Bank financial intermediary fund for Ukraine, part of some $50 billion in
financing for Ukraine backed by the Russian assets that have been frozen since
Russia invaded Ukraine in February 2022.
The $1 billion grant from the fund marks the first resources flowing to Ukraine
from the G7 loan plan, which was agreed by G7 allies Japan, Canada, Britain,
France, Germany, Italy and the U.S. in October after months of negotiations.
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U.S. President Joe Biden's administration had sought to lock in the loan to
Ukraine quickly before the January inauguration of President-elect Donald Trump,
who has complained about the high cost of U.S. support for Ukraine. Trump has
said he will end the war quickly, without specifying how.
The new Development Policy Operation, opens new tab includes the funding to
Ukraine's Finance Ministry for budget support alongside policy reforms to foster
economic stability and facilitate a structural shift toward sustainable growth.

These include measures to enhance competition in the railway sector, promote
renewable energy production, boost credit to agriculture and streamline state
involvement in the banking sector, the World Bank said.
The bank's reform prescriptions also call for strengthening domestic revenue
generation, including aligning motor fuel tax rates with those in the European
Union and revaluing agricultural land. It also aims to update government
procurement legislation.

Bob Saum, the World Bank's Eastern Europe country director, said that despite
major challenges from the war, Ukraine has stabilized its economy and is working
to build a "vibrant market economy" as it aspires to join the EU.
"The World Bank Group and our international partners will continue to support
the Ukrainian people in realizing their EU aspirations," Saum said.

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Reporting by David Lawder in Washington Editing by Chris Reese and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles., opens new tab

 * Suggested Topics:
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 * Ukraine and Russia at War

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