Ukraine may borrow $2 bln from World Bank

KIEV
November 6 2008

Ukraine could receive a $2 billion loan from the World Bank, the speaker of the country’s parliament said on Thursday.

The International Monetary Fund earlier agreed to lend Ukraine $16.5 billion.

“The ball is in Ukraine’s court now. It is up to us to decide what amount of money we should receive,” Arseniy Yatsenyuk said following meetings in Washington with the heads of both organizations.

The speaker said the funds would be used to reform Ukraine’s financial and banking sectors.

The financial crisis has seen Ukrainians rush to withdraw their savings, fearing banking collapses. More than $3 billion were pulled out of banks in October.

Ukraine’s economy has been hard hit by the global credit crunch, along with the falling price of steel, a key national export.

Last Friday, Ukraine’s parliament approved a set of measures needed to receive the IMF loan. President Viktor Yushchenko signed the bills into law on Monday.

Source


Published in: on November 6, 2008 at 9:03 pm  Comments Off on Ukraine may borrow $2 bln from World Bank  
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