OREANDA-NEWS. September 26, 2014. Laura Tuck, World Bank Vice President for Europe and Central Asia, has completed her first official visit to Ukraine since assuming office in September 2013. During her three-day visit, Ms. Tuck said the World Bank would continue supporting the country’s economic recovery and wide-ranging reforms to help spur growth, energize private enterprise, create good-quality jobs, and advance public service delivery.

Ms. Tuck met with Ukrainian Prime Minister Arseniy Yatsenyuk, National Bank of Ukraine Governor Valeriya Gontareva, Minister of Finance Oleksandr Shlapak, and other government officials. She also met with representatives of the private sector, civil society and development partners. Discussions focused on the country’s reform priorities and support that the World Bank Group can provide.

“We will continue to support the people of Ukraine in their ambition for a more prosperous future,” said Ms. Tuck. “The World Bank Group has moved expeditiously to fulfill its pledge of providing up to USD3.5 billion in 2014. Since March, we have already committed USD 2.5 billion and we stand ready to do more.”

This new assistance included two policy-based operations for the total amount of USD 1.25 billion in support of reforms to foster economic growth and stabilize the banking sector, and investment projects to support district heating, social safety nets modernization, urban infrastructure and agribusiness. Another USD 1 billion of financing is planned by the end of this year. In addition to financial assistance, the World Bank Group also assists with reform design and implementation through analytical work, policy advice, and technical assistance on a wide range of issues.

“The authorities have taken initial steps to stabilize the macroeconomic situation, improve use of public resources, and increase efficiency in the energy sector while protecting the poor. But more needs to be done urgently to restructure the gas sector, fight corruption, improve the health of the banking system, deregulate the economy, and strengthen the social safety net,” said Ms. Tuck.

Speaking to civil society representatives and opinion leaders, Ms. Tuck observed that their participation in developing the national reform package is crucial. She assured them that the World Bank will continue to encourage the authorities to engage with civil society organizations to ensure transparent decision-making. Through its projects, the Bank is actively promoting anti-corruption and public service monitoring initiatives.

“Reforms to stabilize the economy are always tough and now they coincide with an extraordinary situation in the country. However, these reforms are necessary to correct past imbalances and underpin growth in the medium to long term,” emphasized Ms. Tuck.