Worldwide Disappointment in Our Political Beau Monde

Ukraine has been hosting a World Bank mission headed by World Bank Director for Ukraine and Belarus Paul Siegelbaum.

According to the World Bank office of foreign relations chief Dmytro Derkach, Mr. Siegelbaum intends to streamline the plan of his institution’s further work in Ukraine. A source, close to the Ukrainian government, does not rule out that in today’s situation, when relations with the IMF, despite government optimism, remain rather undefined, the bank could revise its credit portfolio (incidentally, Mr. Derkach said the credit portfolio is subject to a regular six-month revision). It will be recalled that last September the World Bank decided to give Ukraine $900 million in loans for four projects. But after Ukraine developed problems with the IMF, the projects were suspended. In addition, Parliament has not yet ratified two previous year’s loan agreements between Ukraine and the World Bank concerning projects with respect to the treasury system and expansion of central heat supply in Kyiv.

Mr. Siegelbaum is expected to meet government representatives in charge of the economy: Deputy Premier Serhiy Tyhypko, Economy Minister Vasyl Rohovy, and Finance Minister Ihor Mitiukov. However, a parliamentarian, who saw by chance the list of the mission head’s engagements, told The Day’s correspondent that “their official level is not so high; perhaps the World Bank sets little store by the results of a dialogue with our power-wielding beau monde.” Incidentally, the director of the World Bank office in Ukraine Gregory Jedrzejczak also expressed some disappointment about the intentions and actions of Ukrainian authorities, when he addressed a Day-sponsored round table.