World Bank approves $350 million loan for Ukraine

FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

KYIV (Reuters) - The World Bank has approved a $350 million loan for Ukraine in support of reforms that are critical to its economic recovery and to help mitigate the impact of the coronavirus pandemic, the bank said.

Ukrainian government said earlier this month it expected to receive this loan by the end of June after securing a $5 billion loan program from the International Monetary Fund on June 9.

The bank said late on Friday that the key reforms supported by the loan included a strengthening land and credit markets, fostering anti-corruption institutions and bolstering the social safety net for the vulnerable elderly population to cushion the impact of the COVID-19 pandemic.

The World Bank is a major development partner of Ukraine and since the country joined the Bank in 1992, its commitments to Kyiv have totaled about $14 billion for more than 80 projects and programs.

Reporting by Pavel Polityuk, editing by Louise Heavens