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PRESS RELEASE

World Bank Group Statement on Ukraine

March 10, 2014

Up to US$3 billion in assistance in 2014

WASHINGTON, March 10, 2014 – The World Bank Group has received a request for support from the interim Ukrainian government and stands ready to continue supporting the Ukrainian people. The World Bank Group aims to support reforms and provide up to US$3 billion in 2014.

“We are committed to supporting the people of Ukraine in these difficult times and very much hope that the situation in the country stabilizes soon,” said World Bank Group President Jim Yong Kim. “We are moving forward with our pipeline of projects and aim to support the government to undertake the reforms badly needed to put the economy on a path to sustainability.”

As the country's long-term development partner, the World Bank Group has been implementing an on-going investment and guarantee program of about US$3.7 billion, supporting improved basic public service delivery in areas such as water supply, sanitation, power and roads, and supporting the private sector.

Ukraine’s economy is facing a number of serious challenges that will require urgent action in the short term as well as sustained reform over the medium and longer term.  Priorities will need to be given to restoring macroeconomic stability, strengthening the banking sector, reforming the energy sector, seriously tackling corruption and improving accountability, enhancing the investment climate and better targeting social assistance towards the poor and the vulnerable. The World Bank Group stands ready to assist the government with formulating and implementing a comprehensive program of structural reforms to address these challenges.

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PRESS RELEASE NO:
2014/361/ECA