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Interfax-Ukraine news agency, Kiev, Ukraine, in Russian, 10 Dec 03
BBC Monitoring Service, UK, in English, Dec 10, 2003
Kiev, 10 December: The World Bank board of directors approved the second
Programmatic Adjustment Loan [PAL-2] to Ukraine worth 250m dollars on
Tuesday [9 December] to support the implementation of the government
programme of structure reform.
Out of 250m dollars, 75m dollars will be disbursed immediately and the
remaining 175m dollars will be disbursed after Ukraine has met all
preliminary conditions for the PAL-2.
The programme is aimed to achieve progress in five areas: financial
discipline, regulation, property rights, accountability of public sector and
managing social and foreign risks.
The total amount of World Bank loans has reached 3.5bn dollars for 28
projects since Ukraine joined the World Bank in 1992.
The World Bank board of directors approved the first Programmatic
Adjustment Loan for Ukraine on 16 September 2001.
EDITOR'S NOTE: Does the World Bank really need to continue making large
loans to Ukraine? Is this really still necessary and critical to the future
of Ukraine? It is the best thing for Ukraine to be hanging on to World Bank
programmatic adjustment governmental loans? How does the private sector
of Ukraine's economy benefit directly from all of this basically government
to government action?
Do these World Bank loan funds go directly into Ukraine's budget and then
can be used for whatever the government decides including financing deficit
spending or are they specifically earmarked and can only be used to achieve
real measurable progress in the five areas mentioned in the news story:
financial discipline, regulation, property rights, accountability of public
sector and managing social and foreign risks?
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