Promoting sustainable, inclusive economic recovery is focus of World Bank Group strategy for Ukraine

Promoting sustainable, inclusive economic recovery is focus of World Bank Group strategy for Ukraine

The World Bank Group Board of Executive Directors today endorsed the 2017-2021 Country Partnership Framework for Ukraine, which supports the country’s efforts to achieve a lasting economic recovery that benefits all the people of Ukraine.

The new Country Partnership Framework (CPF) focuses on ensuring that markets work more effectively, the right conditions are put in place for fiscal and financial stability, and service delivery is improved for all Ukrainians. The program is fully aligned with Ukraine’s development strategy, as outlined in the Government Program and Action Plan adopted in April 2017, and is based on the findings and recommendations of the recent World Bank Systematic Country Diagnostic for Ukraine.

“Promoting a sustainable economic recovery that provides benefits to all Ukrainians is the goal of our work with the Government. This is critically important for the people of Ukraine who have endured nearly a decade of stagnation and two years of economic crisis. The challenges ahead are formidable, therefore it will take a concerted effort by all actors in the development arena, including the Government, civil society, and other development partners, to achieve tangible results and to improve the quality of life for all Ukrainians,” Satu Kahkonen, the World Bank Country Director for Belarus, Moldova, and Ukraine.

The CPF, which is a joint strategy of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA), is the result of extensive consultations and engagement with the Government of Ukraine, the private sector, academia and civil society. IFC’s primary focus is to boost the competiveness of Ukraine’s private sector, by creating a level playing field and attracting additional private investment to create an environment where competition, entrepreneurship and innovation will flourish.

“IFC will improve Ukraine’s business environment, enhance corporate governance and boost private sector participation in infrastructure and energy projects,” Jason Pellmar, IFC Regional Manager for Ukraine and Belarus.

The IBRD has an on-going portfolio in Ukraine of 8 operations for a total amount of US$ 2.25 billion. IFC’s current committed portfolio is US$ 695 million, and MIGA has US$ 134 million gross political risk guarantee exposure.

Source: World Bank. Read full information.
21 June, 2017