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World Bank Proposes $3 Billion For Ukraine

A woman speaks on the phone near a board with currency exchange rates in Kyiv, February 26, 2014
The World Bank says it is prepared to offer $3 billion to Ukraine this year to help it advance reforms and support crucial development projects.

Bank President Jim Yong Kim said in Washington on July 10, "We are committed to supporting the people of Ukraine in these difficult times and very much hope that the situation in the country stabilizes soon."

The Bank said the Ukraine economy faces some serious challenges that will require "urgent action in the short term", as well as sustained reform over the longer term.

It mentioned key priorities of restoring macroeconomic stability, shoring up the country's banks, reforms to the energy sector and "seriously tackling corruption."

The $3 billion for 2014 would be in addition to an ongoing multiyear Bank investment and guarantee program in Ukraine totaling about $3.7 billion that supports development of crucial infrastructure services including water supply, sanitation, power and roads.

Based on reporting by AFP and dpa