Ukraine Receives $132Mln Loan From World Bank - Ministry of Finance

MOSCOW (Pakistan Point News / Sputnik - 12th May, 2023) Ukraine has received a loan in the amount of $132 million from the World Bank to support the country's agricultural sector, Ukraine's Ministry of Finance said in a statement on Friday.

"On May 11, 2023, Ukraine received financing from the World Bank in the amount of USD 132 million," the statement said, adding that the loan funds were transferred to the Ukrainian state budget under the Acceleration of Private Investments in the Agriculture of Ukraine Program.

Ukrainian Minister of Finance Serhii Marchenko welcomed the loan and thanked the World Bank for the financial support, saying that it will help maintain financial stability and compensate for the expenditures, particularly in agriculture.

"We are grateful to the World Bank for financing. The raised funds will allow us to continue maintaining the financial stability of Ukraine and to reimburse priority expenditures, in particular in the agricultural sector," the ministry quoted him as saying.

The World Bank provided the loan within the framework of the Loan Agreement between Ukraine and the International Bank for Reconstruction and Development (IBRD), according to the statement.

In April, former Ukrainian Prime Minister Mykola Azarov said that Ukraine's sovereign debt might reach record-breaking $173 billion by the end of 2023, adding that the main part of the Western assistance is provided in the form of credits, which "will need to be paid sooner or later."

The IBRD is the World Bank's institution established in 1944 and providing loans, guarantees and other financial products to the middle- and low-income countries, also coordinating efforts to tackle regional and global challenges.