World bank to provide $3 bn in aid for Ukraine

The World Bank said Monday that it would provide up to $3 billion for Ukraine this year to help the country deliver much-needed economic reforms.

The World Bank said in a statement that it has received a request for support from the interim Ukrainian government and stands ready to assist the government with formulating and implementing a comprehensive program of structural reforms to address challenges, Xinhua reported.

"We are committed to supporting the people of Ukraine in these difficult times and very much hope that the situation in the country stabilizes soon," said World Bank President Jim Yong Kim.

Ukrainian economy is facing a number of serious challenges that will require urgent action in the short term as well as sustained reform over the medium and longer term, the Washington-based institution said.

The political crisis has cost Ukraine economically, as the country is facing a possible debt default. Ukraine needs some $35 billion in aid to improve its economy, according to the country's finance ministry.