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Concorde Capital Research: Ukraine, World Bank discussing loan guarantee program

February 25, 2019 | Cbonds

The World Bank is continuing talks with Ukraine’s Finance Ministry about the initiation of a new loan guarantee program, which it expects by the year end, the Interfax-Ukraine news agency reported on Feb. 22, citing Satu Kahkonen, the World Bank country director for Belarus, Moldova and Ukraine. The Policy-Based Guarantee (PBG) loan program aims to support reforms in the country and assist in attracting up to USD 1 bln in the process.

The progress in talks will depend on the implementation of reforms currently and the World Bank will be ready to discuss the program with a new government in case the necessary reforms are not implemented during the tenure of the current cabinet, Kahkonen said.

Recall, the World Bank executive board approved USD 750 mln in financial guarantees for the Ukrainian government on Dec. 18. On Dec. 27, Ukraine’s Finance Ministry received a EUR 349.3 mln loan (about USD 400 mln) from Deutsche Bank, which was provided under the guarantee of the World Bank.

Evgeniya Akhtyrko: It’s positive that an international financial institution is formulating a policy that will be in place despite a possible change in leadership after the presidential and parliamentary elections scheduled for this year. It's also positive that the World Bank is committed to an active financial position in Ukraine so long as its government is engaging in reforms.

Given Ukraine’s high economic and political risks this year, the assistance of international financial institutions is important for getting affordable lending at the international markets.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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