The World Bank's Board of Executive Directors approved the Second Development Policy Loan (DPL-II) for Ukraine in the amount of $300 million. This approval followed endorsement in recent weeks of a new Country Partnership Strategy for Ukraine covering the period 2008 to 2011.
The DPL II is the second loan in a program to support Ukraine's aspirations to converge to European standards of living through key reforms in three core thematic areas: (i) improving the investment climate; (ii) creating the fiscal space for greater public investment through more efficient public financial management; and (iii) improved public service delivery and greater social inclusion.
“Ukraine has made gradual but consistent progress in building the foundations for sustained economic growth,” says Paul Bermingham, Country Director for Belarus, Moldova, and Ukraine, “The basic development vision of market-based economic development is shared across the political spectrum. With the DPL II we want to signal that in our view Ukraine has been able to move forward in implementing this vision, albeit at a somewhat slower pace than the authorities would have wished.”
Specific achievements in the past two years supported by the DPL II include: • The enactment of legislative changes to prepare Ukraine for accession to the WTO. • The enactment of a new Law on Inspections, which is expected to reduce the burden companies face from different bodies of state control. • The significant steps taken to further liberalize the telecommunications market and thereby contribute to the improvement in service quality and availability.
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