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Kiev gets World Bank support

Ukraine still reeling from November uprising.
By Daniel J. Graeber   |   Aug. 8, 2014 at 9:04 AM

| License Photo
KIEV, Ukraine, Aug. 8 (UPI) -- The Ukrainian government said it welcomed support from the World Bank as a way to build confidence with investors wary of Russian aggression.

The government in Kiev said it received $500 million in support from the World Bank, which it said was evidence of the bank's trust in Ukraine's ability to reform.

"The government welcomes today's decision of the World Bank's board of directors as another important step towards restoring the confidence of foreign investors to Ukraine, especially in the current difficult conditions of the Russian aggression against our country," a Thursday statement from Kiev said.

Former Ukrainian President Viktor Yanukovych in November suspended efforts to sign free trade and association agreements with the European Union. That decision sparked a major uprising and left the Ukrainian economy in shambles.

Ukraine since the uprising has faced difficulty paying its energy bills. Russian energy company Gazprom in June suspended gas deliveries to Ukraine because of the mounting debt.

The international community has responded to Russian aggression in eastern Ukraine and the annexation of Crimea by hitting the Russian energy sector with tough economic sanctions.

Follow @dan_graeber and @UPI on Twitter.
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