On December 18th the World Bank’s Board of Executive Directors approved a USD 750 mln Policy-Based Guarantee (PBG) to Ukraine.
The guarantee will be effective for 10 years and will allow Ukraine to improve financial commercial terms of loans on international markets.
The World Bank PBG supports Ukraine in the implementation of reforms, namely in the financial and banking sector, as well as provides its further implementation.
“This decision is the result of the government’s work for many months. We can safely say that we face the year 2019 with confidence. The proceeds attracted with the help of the guarantee will be directed to the state budget of Ukraine. Cooperation with our international partners will allow us to go through this year confidently and continue to finance all reforms”, - said Oksana Markarova, The Minister of Finance of Ukraine.
Policy-Based Guarantee is the World Bank’s instrument that enables governments to obtain solely budget support based on the results of the implementation of strategic and institutional reforms.