OREANDA-NEWS. June 09, 2010. Cooperation with the World Bank will help Ukraine to offset quickly the negative consequences of the crisis. Vice Prime Minister of Ukraine Serhiy Tigipko expressed such an opinion today following the signing a protocol on joint projects portfolio review in Ukraine for 2010 with World Bank Country Director for Ukraine, Belarus and Moldova Martin Raiser.

Every year representatives of the Government and World Bank conduct review of joint projects and assess their implementation. After reviewing the situation regarding the use of the World Bank funds, the parties worked out an agreed action plan to implement joint projects for 2010. In particular, recovery of the financial sector and infrastructure development were identified as priorities for a medium term period.

According to Serhiy Tigipko, reviewing of the World Bank's project portfolio will significantly improve the exploitation of received resources. "We will abandon projects that are not fulfilled in order not to pay for funds reservation. However, we need to increase disbursement for projects that work. Its current level does satisfy neither the Government nor the Bank's management. We have an ambitious goal to triple the level of drawdown", the official noted. He said that the staff of relevant ministries being in charge of cooperation with the World Bank, will bear personal liability for results. That, according to Serhiy Tigipko, would prevent from the arbitrary delay of projects.

"Cooperation with the World Bank is extremely important for Ukraine. Only this year we plan to sign contracts for at least on five projects worth USD1.77 billion", said the Vice Prime Minister.