Thus, the reforms will be supported which include the strengthening of the land and credit market through the creation of the efficient market of the agricultural land and resolving of distressed loans at the state banks; restructuring of the gas sector; strengthening of the social protection system for support of pensioners.
“Within this loan in the policy of development, $350 million are provided for the support of the state budget in difficult times. The World Bank welcomes the commitments of the government toward the reforms aiming for preparation of the economy for recovery, particularly, the significant steps made to lift the moratorium on the land sale, an increase of payments to vulnerable social groups of the population of old age,” the message reads.
The restructuring of the gas sector through the creation of the independent operator of the gas transporting system provides Ukraine with income from gas transit.
Besides, the World Bank plans to provide Ukraine with a loan for the support in the development of extra legislation in the land reform. Moreover, the package of extra aid is prepared to influence the beneficiaries to mitigate the consequences for the most vulnerable social groups of the population.
As we reported, the World Bank has announced Arup Banerji's appointment as Country Director for Belarus, Moldova, and Ukraine.