REUTERS
Ukraine will have to seek out all possible financial resources to be able to stabilize its public financing and the economy as a whole, Ukrainian Minister of Economic Development and Trade Aivaras Abromavicius has said.
Ukraine expects to receive in April around $800 million from the World Bank as a major lender to private sector development projects under the Development Policy Loans Program (DPL-2). To ensure these funds are obtained, according to the minister, it is necessary to adopt a package of 10 bills, including a bill on investor rights protection and on public investment, and create a favorable investment climate.
"The law on investor rights protection has been passed at first reading, [and] we hope it will be passed at second reading today, March 5,” Abromavicius said.
“This is one of ten priority bills that are required to be adopted in order to receive additional funding from the World Bank. If we adopt all required legislation by March 30, the funds may be allocated as early as in April."
The minister also stressed that Ukraine needs to achieve its objectives and search for any possible financial resources to be able to stabilize its public funding and the economy as a whole.
As UNIAN reported earlier, in March-April, Ukraine also expects to receive the first tranche under a new four-year cooperation program with IMF.
In mid-February, the World Bank President Jim Yong Kim said that the Bank would provide Ukraine with the financial aid package worth of $2 billion in 2015. It is expected the funds will channeled for implementation of social projects, projects on reforming energy and banking sectors, combatting corruption and improving the business climate.
Since Ukraine joined the World Bank in 1992, the bank's commitments to the country have totaled over $9 billion in 45 projects and programs.