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Ukraine receives $500 mln loan from World Bank to support reforms in financial sector

1727

The Finance Ministry of Ukraine on Monday received $500 million under its Programmatic Financial Sector Development Policy Loan in Ukraine, reads a posting on the ministry’s Web site, Interfax-Ukraine reported.

«The loan was raised for 16 years with the seven-year grace period at the variable rate (0.63% at the date of signing the agreement) and the one-time rate is 0.25%,» reads the report.

The ministry said that the loan would be sent to support top-priority measures for reforming the banking sector and to introduce a comprehensive program on anti-crisis management in the Ukrainian financial sector.

The funds from the loan will be used to finance strengthening of the operating, financial and regulatory potential of the Individuals’ Deposit Guarantee Fund, improve solvency of the banking system and strengthen the legal and institutional base for increasing stability and efficiency of the banking system in the long-term outlook.

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