On December 22, 2008, the Loan Agreement had been executed by and between Ukraine and International Bank for Reconstruction and Development within the framework of “Third Development Policy Loan” operation project.

The Minister of Economic Affairs of Ukraine, Bohdan Danylyshyn has signed the Agreement on behalf of the Government of Ukraine, and the Director of the World Bank for Ukraine, Belarus and Moldova (Europe and Central Asia), Mr. Martin Riser has signed the Agreement on behalf of the International Bank for Reconstruction and Development.

Bohdan Danylyshyn had stated that Ukraine sets a high value on the opportunity to cooperate with the World Bank in such key domain as implementation of system-based reforms.

According to the Minister of Economic Affairs of Ukraine, execution of this Agreement is a remarkable event that speaks for mutual intention of both parties to promote further development of Ukraine as modern competitive European state.

Joint work on preparation of this Agreement in 2008 had resulted in: further implementation of key important reforms in corporate management domain; development of successful and transparent process of bank sector reorganization; harmonization of customs laws of Ukraine with the International Convention on the Simplification and Harmonization of Customs Procedures; harmonization of public procurement system of Ukraine with the best international practices; enhancement of efficiency of public sector of economy management.

The head of economic department has stated, as well, that the support, provided by the World Bank, is of prime importance especially now in light of global challenges that had affected both Ukraine’s and other countries’ economies, inasmuch as the aid of the World Bank promotes overcoming of social problems, which had arisen as a result of further development of both financial and economic crises.

“At present, the financial resources, to the amount of US$ 500 million, attracted within the framework of “Third Development Policy Loan” operation project for the purposes of national budget funding, are one of the approaches, through which the Government is provided with financial support to be used for mitigation of adverse after-effects of the world financial crisis”, - Bohdan Danylyshyn has stressed.

The Minister of Economic Affairs of Ukraine, Bohdan Danylyshyn is of opinion that the support, provided by the World Bank, will continue to be an efficient instrument of further reforming of the economy and maintenance of positive behavior of economic advancement of Ukraine, as well as will promote accelerated integration of Ukraine into the world’s economic territory.

Mr. Martin Riser, in his turn, had laid stress on possibility to obtain the loan funds to be used for national budget financing purposes by the end of this year.