World Bank ready to provide S$3.80 billion aid to Ukraine

The World Bank said Monday it was prepared to offer US$3 billion (S$3.80 billion)in new aid to Ukraine this year to help it advance reforms and support crucial development projects.

The Bank said it "stands ready to continue supporting the Ukrainian people" after receiving a request for assistance from the interim government in Kiev, which took power last month after the ouster of President Viktor Yanukovych.

"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 Bank President Jim Yong Kim in a statement.

"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."

The Bank said the Ukraine economy faces some serious challenges that will require "urgent action in the short term", as well as sustained reform over the longer term.

It mentioned key priorities of restoring macroeconomic stability, shoring up the country's banks, reforms to the energy sector and "seriously tackling corruption."

The US$3 billion for 2014 would be in addition to an ongoing multiyear Bank investment and guarantee program in Ukraine totaling about US$3.7 billion that supports development of crucial infrastructure services including water supply, sanitation, power and roads.