Ukraine received more than two billion dollars, half of which was provided for the first time through frozen Russian assets.
On Wednesday, December 18, the World Bank approved the allocation of $2.05 billion to Ukraine. Of these, one billion comes from the fund, which is supplemented by proceeds from the frozen assets of the Russian Federation. The money is intended to promote financial stability, implement reforms and promote investment. This is stated in the official statement of the World Bank.
“The Board of Executive Directors of the World Bank adopted a development policy program (DPO) for Ukraine with the aim of strengthening the economic policy framework for sustainable growth and improving financial stability,” the report notes.
According to the World Bank, the operation will provide $1.05 billion using IBRD resources credit enhanced through the Ukraine Advancing Needed Credit Enhancement (ADVANCE) Trust Fund with support from Japan and the United Kingdom. The operation is also co-financed by a $1 billion grant from the Fund for Investment in Strengthening Financial Intermediation in Ukraine (FORTIS Ukraine FIF).
The DPO program aims to support reforms in Ukraine to strengthen the country’s economic potential and improve macro-financial stability. This initiative supports the efforts of the authorities to increase Ukraine’s GDP per capita in order to approach EU levels and strengthen the state’s economic independence.
It was also reported today that Ukraine received a tranche of 4.1 billion euros from the European Union under the Ukraine Facility program. This is the second regular payment allocated by the European Commission under this instrument.
The EU is reconsidering the transfer of Russian assets to Kyiv – media
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.