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World Bank approves USD 1.5 bn loan to strengthen Ukraine’s social protection system

World Bank approves USD 1.5 bn loan to strengthen Ukraine’s social protection system

On 29 June, the World Bank approved a $1.5 billion loan for Ukraine to mitigate the impacts of Russia’s invasion, World Bank reported.

The lending operation, guaranteed by the Japanese government, will support three main areas of government reforms: relief to households, reforms to transparency over public resources, and support for markets.

“Ukraine, in turn, has shown immense resilience in the face of Russia’s invasion (…).The World Bank will continue its unwavering support to help Ukraine recover and rebuild an even stronger economy,” said Antonella Bassani, World Bank Regional Vice President for Europe and Central Asia

According to the Bank’s press release, the loan will strengthen Ukraine’s social protection system, particularly by providing relief for the most vulnerable segments of the population.

The loan will also support reforms that increase the accountable and transparent use of public resources. For example, the development policy loan will fund reforms to establish a damaged or destroyed property register. It will enable compensation payments and guide the reconstruction of housing in Ukraine.

The World Bank’s financial aid will also bolster the ability of markets to function during wartime and contribute to economic recovery through reforms that target land, energy, and financial markets.

Since Russia’s invasion of Ukraine World Bank has facilitated more than $37.5 billion, reaching more than 13 million Ukrainians.

In the new fiscal year 2023-2024, according to the WB, the World Bank and Ukraine’s Government will implement framework projects focusing on priority sectors for the country, including energy, health, social protection, education, housing, and agriculture.

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