The World Bank is aiming to fast track the process to provide Ukraine an additional USD 350 million loan in the next few days, or as soon as the end of this week, Reuters cited people familiar with the plans.
The new loan will be an expansion of an existing USD 350 million Development Policy Loan, which was just granted on Dec 17 to support economic reforms, will have no restrictions on how the Ukraine government can spend it.
No additional commitments will be imposed on the loans. New funding via expansion of existing program can also ensure a shorter approval process, as the bank’s broad won’t need to review a new program.
The plan have strong backing in the bank’s executive board, despite an obvious objection from Russia. It can be ready for board consideration as early as the end of this week, one of the source said.
“We are currently preparing a package of fast-disbursing financing for Ukraine, which we hope to present to our board for consideration in the coming days,” said a World Bank spokesman.