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Ukrainian President approved ratification of Agreement with Japanese Government on loan of up to JPY 10 billion to support of Ukrainian economic reforms
15.08.2014 09:27 "Agro Perspectiva" (Kyiv) —
As to President Petro Poroshenko Press Office, President of Ukraine Petro Poroshenko signed the Law «On ratification of the Agreement (in the form of the exchange of notes) between the Government of Ukraine and the Government of Japan regarding Credit agreement on the Loan for the policy of development and the implementation of economic reforms between the Cabinet of Ministers of Ukraine and Japanese agency of international cooperation» adopted by the Verkhovna Rada.
As to the report, the Law stipulates that the loan of up to JPY 10 billion is provided by Japanese agency of international cooperation in the form of co-financing of systemic project of the World Bank «First Development Policy Loan» for the funding of the State Budget and the support of reforms of the Ukrainian Government in the following directions: 1) ensuring appropriate governance, transparency and accountability in the public sector; 2) deregulation and reduction of the cost of doing business; 3) reformation of the system of inefficient and unfair energy grants-in-aid and improvement of the protection of disadvantaged population.
The adoption of the Law of Ukraine will allow receiving the loan on favorable terms for the Ukrainian party: loan maturity 20 years; grace period 6 years; interest rate 0.95%; payment period 3 years after the date when the Credit agreement enters into force.
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