The Concept of partnership between the World Bank and Ukraine for 2017-2021 has been approved

On June 20, 2017, the Management Board of the World Bank approved the Concept of partnership with Ukraine for the period from 2017 till 2021.

The key target of the Concept of partnership is to foster the sustainable and comprehensive economic recovery of Ukraine.

What’s it about?

The Concept of partnership is a strategic document determining cooperation between Ukraine and the World Bank which is compatible with the goals of the development strategy of Ukraine as defined in the Program and Action Plan of the Government adopted in 2016.

The Concept is based on the System Assessment of the Economy of Ukraine completed by the experts of the World Bank in 2017 and stipulates a mid-term plan for the support of reforms to be pursued by the Government of Ukraine.

What is the advantage?

The preparation of the Concept started in October 2016 with the discussion of development priorities of Ukraine with the Government, private sector and civil society. In the course of preparation, areas of strategic partnership between Ukraine and the World Bank were identified and agreed for the period from 2017 till 2021:

- state finance management and reform of public governance;
- anti-corruption activity;
- management of the highest fiscal risks and improvement in the management of public investments;
- strengthening the financial sector;
- improvement of the infrastructure;
- establishing peer-to-peer partnership in the private sector;
- land reform;
- healthcare reform;
- privatization;
- effective, efficient and comprehensive delivery of services;
- social welfare;
- targeted aid for hromadas affected by the conflict in Ukraine. 

The Concept also lists activities for 2017 as well as for 2018 and 2019 listed by their areas. Measures set for the next years are preliminary and can be reviewed based on consultations with the Government of Ukraine to keep them relevant.

Financial support by the World Bank which is planned for the duration of the Concept will depend on the following factors: (I) progress of Ukraine in the implementation of its reforms; (II) improvement of the results of the implementation of the project portfolio of the IBRD in Ukraine; (III) overall funding capacities of the World Bank and its credit limits for Ukraine.

“All areas and reforms listed in the Concept are extremely important for the build-up of a liberal economy in Ukraine. That is why the financial capacities, technical expertise, global experience and innovative thinking of the World Bank’s group of organizations in the next 4 years will be focused on the comprehensive support for these reforms. The strategy of partnership with Ukraine for 2017-2021 will be the next step in the fruitful cooperation of Ukraine and the World Bank. We thank our partners for the support of our ambitious program of economic reforms”, Minister of Finance Oleksandr Danyliuk said.