Social Policy Ministry will receive 300 million USD World Bank credit

Ukraine will receive a loan of 300 million USD for the project "Modernization of social support system of Ukraine." This was discussed at the meeting of the Natalia Korolevska, Minister of Social Policy of Ukraine with the head of the World Bank in Belarus, Moldova, and Ukraine Qimiao Fan. The project is to be completed in six years, the Information-Analytical Bulletin of the cabinet of Ministers of Ukraine informs.

Some 200 million USD will go to low-income families under the expanded social assistance program. The Ministry of Finance will receive these funds for the state budget. Another 100 million USD will go to Ministry of Social Policy in order to improve the efficiency of social support. "We will do everything possible to timely to finish all the preparation procedures and start the physical implementation of the project," the minister said. 

In turn, Qimiao Fan noted that during the previous week he and other members of the finance department visited several Departments of social protection in the eastern regions of Ukraine. He said: "I am pleased to note that we were happy with what we saw. This visit only reinforces our desire to cooperate and the efforts we are making to implement our shared plans. This project is a prof of our desire to work."

Also to demonstrate willingness to cooperate and to emphasize the importance of this project, the World Bank expressed readiness to work together with Ukraine's government to fund the annual raise of low-income family benefits by 25%.

According to financial experts, the launch of this project next year will help both the state budget of Ukraine, as a whole, and Ministry of Social Policy directly, as well as strengthen social protection of vulnerable population groups.