The Ministry of Finance discussed the status of joint projects with the World Bank Regional Director for Human Development for Europe and Central Asia

On August 29, the leadership of the Ministry of Finance of Ukraine and representatives of the World Bank discussed the implementation of existing joint projects, the challenges facing Ukraine in the social sphere and the increase of investments in the development of Ukraine's human capital.

The meeting was attended by First Deputy Minister of Finance Denys Uliutin, Deputy Minister of Finance Olga Zykova and Deputy Minister of Finance Roman Yermolychev. The World Bank was represented by World Bank Regional Director for Human Development for Europe and Central Asia Michal Rutkowski, and World Bank Manager in Ukraine Gevorg Sargsyan. 

During the opening remarks, Denys Uliutin congratulated Michal Rutkowski on his appointment and expressed his gratitude to the World Bank team for providing the necessary support and cooperating on joint projects in the field of healthcare, education, social security, in particular, PEACE in Ukraine and HEAL Ukraine: "I am pleased to welcome the first full-fledged offline mission of the World Bank to Ukraine since the start of the full-scale war. I am confident that our cooperation will continue to deepen."

Deputy Minister of Finance Roman Yermolychev said that Ukraine needs to implement measures aimed at the formation of human capital, in particular the development of healthcare, education and social protection.

"One of the main challenges for us today is to develop effective measures to encourage our citizens to return to Ukraine and invest their capital in the development and reconstruction of the country. In addition, we also need to develop the necessary solutions to make school education more efficient and effective for children. I am confident that the new joint LEARN project will meet the urgent needs of restoring the education sector in Ukraine," said Roman Yermolychev.

Special attention was paid to the continuation of the New Ukrainian School reform. Roman Yermolychev emphasized the importance of changes and improvement of approaches to teaching basic standards of quality school education. 

Olga Zykova noted the flexibility of the Government of Ukraine's cooperation with the World Bank since the start of the full-scale war: "We are extremely grateful to the World Bank for its cooperation, which greatly helps to maintain financial stability in the country in times of uncertainty. Since the first days of the russian invasion, the World Bank has promptly adapted existing projects to meet Ukraine's most urgent needs and introduced new ones, unprecedented in terms of volume and timeframe for approval for Ukraine. In addition to significant financial assistance, cooperation with the Bank contributes to the effective implementation of structural reforms in Ukraine."

The parties also discussed the preparation of a new joint project in the social sector - Integrated Social Protection Inclusion and Resilience (INSPIRE) - and potential areas for deepening cooperation in the country's recovery.

Joint projects of Ukraine and the World Bank:

• In the healthcare sector:

Project Health Enhancement And Lifesaving (Heal Ukraine). The estimated total amount is EUR 368 million. 

• In the field of education:

The existing project Ukraine Improving Higher Education for Results. The volume is USD 200 million.

The new framework project under preparation, Lifting up Education And Results in Times of Need (LEARN). The estimated total amount is USD 500 million.

• In the social sphere:

The existing project Social Assistance System Modernization. The total amount is USD 750 million.

The new framework project at the stage of preparation by the Ministry of Social Policy for the social sphere. The estimated cost of the project is USD 1.2 billion.