World bank to provide 3 bln USD in aid for Ukraine

The World Bank said on Monday that it would provide up to 3 billion U.S. dollars for Ukraine in 2014 to help the country deliver much-needed economic reforms.

The World Bank said in a statement that it has received a request for support from the interim Ukrainian government and stands ready to assist the government with formulating and implementing a comprehensive program of structural reforms to address challenges.

"We are committed to supporting the people of Ukraine in these difficult times and very much hope that the situation in the country stabilizes soon," said World Bank President Jim Yong Kim.

Ukraine's economy is facing a number of serious challenges that will require urgent action in the short term as well as sustained reform over the medium and longer term, the Washington-based institution said.

"Priorities will need to be given to restoring macroeconomic stability, strengthening the banking sector, reforming the energy sector, seriously tackling corruption and improving accountability, enhancing the investment climate and better targeting social assistance towards the poor and vulnerable," it added.

The political crisis has cost Ukraine economically, as the country is facing a possible debt default. Ukraine needs some 35 billion dollars in aid to improve its economy, according to the country's Finance Ministry.

Official from the International Monetary Fund said Friday that its fact-finding mission that has been working in Kyiv from March 4 is progressing well, and the Fund stands ready to help the Ukrainian people and support the authorities' economic program to help put Ukraine firmly on track to good economic governance and sustainable growth.