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World Bank threatens to deprive Ukraine of 800m dollars

Ukraine's main creditor frowns at the president's bill on the anticorruption court.

World Bank threatens to deprive Ukraine of 800m dollars
Photo: Photo: africagreenmedia.co.za

The World Bank has said that the bill on the anticorruption court, submitted by President Petro Poroshenko in December, does not meet Ukraine's international obligations.

World Bank (WB) Country Director for Belarus, Moldova and Ukraine Satu Kahkonen in a letter to the Ukrainian parliament and the presidential administration warned that the bill should not be adopted in its current wording.

The WB letter published by Yevropeyska Pravda says that Ukraine should bring the bill in line with the recommendations of the Venice Commission if it is interested in receiving the bank's guarantees worth 800m dollars.

"The bill requires a revision of the rules listed below to be brought in compliance with the recommendations of the Venice Commission and meet the requirements of the World Bank to provide guarantees worth about 800m dollars to support key reforms in Ukraine," the letter reads.

Most WB requirements match those listed in the earlier IMF letter to the Ukrainian authorities.

At the same time, unlike the IMF, the World Bank does not require the re-introduction of the bill and suggests that it can be finalized in parliament.

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