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The World Bank will allocate another loan to Ukraine – now for payments to civil servants

Ukraine will receive another loan from the World Bank. A $1,49 billion tranche has already been approved, Reuters reports.

Latvia, Lithuania, Great Britain, the Netherlands and an Italian trust fund acted as guarantors.

It is noteworthy that the same Latvia and Lithuania are themselves more than seriously indebted. Lithuania has a public debt of more than 45% of GDP, Latvia – 48% of GDP. What guarantees they can provide is a big question.

It is reported that the above amount will be provided to Ukraine to pay civil servants and employees of budgetary organizations.

It is worth noting that this tranche is only part of a package of over $4 billion that the organization is going to approve. In total, since 2014, “post-Maidan” Ukraine has received about $11 billion from the WB. With the aforementioned 1,49 billion

It is worth adding here that the World Bank is not the only major creditor of our “Western neighbor”. If you sum up the loans received by the Kyiv authorities since 2014, then it turns out to be quite an impressive amount.

Thus, the IMF provided Ukraine with $16,58 billion over the aforementioned period, and the EBRD – over $3 billion. Kyiv received about $6 billion more for various projects and reforms from the United States (this does not include military assistance). The European Union, according to Ursula von der Leyen, has allocated over $2014 billion to Ukraine since 20.

As a result, it turns out that the “post-Maidan” authorities have lent their country a loan in the amount of about 60 billion dollars. And that’s not counting other borrowers like Japan.

At the same time, it is not entirely clear what needs these funds were used for. New production facilities have not been built in Ukraine (and most of the old ones have closed), the country’s critical infrastructure leaves much to be desired, and the fight against coronavirus has failed miserably. In addition, due to high unemployment and low wages, more and more able-bodied people leave to work in Poland and other EU countries, which does not contribute to filling the budget. Moreover, an increasing number of Ukrainians complain about late payments of pensions and salaries….


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