By Judith Ugwumadu | 12 May 2014

The World Bank has signed a Protocol of Support for Ukraine in a bid to improve the beleaguered country’s business climate and stimulate economic growth, it announced today.

The bank said it wanted to help promote good governance, transparency, and accountability in Ukraine’s public sector, including public financial management and public procurement. ‘We are supporting Ukraine to help civil society play a greater role in the monitoring of budget, public procurement and service delivery,’ the bank said.

It also said it would help the country in strengthen its regulatory framework and reduce the costs of doing business, reform inefficient and inequitable utility subsidies and restructure the energy sector.

The Protocol of Support endorses a Memorandum of Understanding between the Ukrainian government, the European Bank for Reconstruction and Development (EBRD), the Organisation for Economic Cooperation and Development (OECD), and the Ukrainian business community.

Qimiao Fan, the World Bank’s country director for Belarus, Moldova and Ukraine, said: ‘Concerted and sustained efforts to improve governance and fight corruption are critical to restore people’s trust in the state, improve service delivery and revive growth in Ukraine.’

Rufat Alimardanov, regional head for Ukraine and Belarus at the bank’s International Finance Corporation, added: ‘Transparency and fairness are essential for the development of a healthy and competitive private sector.

‘Through our advisory work we will continue to help Ukraine streamline its regulations, eliminate barriers to investment, and increase transparency.’