Ukraine to receive large loan secured by Denmark and UK

The Cabinet of Ministers of Ukraine has decided to attract additional funding from the World Bank Group as part of the project to support public spending to ensure sustainable public administration.

Report informs citing the Ukrainian media that it is planned to attract $530 million from WB divisions - the International Bank for Reconstruction and Development, the International Development Association.

The loan will be provided on preferential terms - for a period of 19 years at 0.25% (accrued on the unused part of the loan) per annum, guaranteed by Great Britain and Denmark.

"The funds will be used to pay public sector employees, provide pension payments and certain state social assistance programs, such as payment for housing and communal services, support for low-income families, children with disabilities and disabled since childhood, higher vocational education, as well as for paying for medical services for medical guarantee program," the statement said.