Cabinet of Ministers should present a clear plan for financial stabilization of Ukrenergo - World Bank

The Government of Ukraine (GOU) should develop and adopt a clear plan of financial stabilization measures for the NEC Ukrenergo so that banks such as the World Bank, the EBRD or the European Investment Bank can continue to lend to the company or the system operator can issue Eurobonds.

This was announced on June 10 during the 12th European Ukrainian Energy Day conference by the World Bank's Infrastructure and Sustainable Development Program Leader in Belarus, Moldova and Ukraine Baher El-Hifnavi.

"In our discussion with the GOU, there is one thing we always raise… We support the sector, but what needs to be done is a clear and accepted plan to ensure a sustainable (financial) state of the NEC Ukrenergo. If you look at any kind of support, it could be expanded if you don't put money in a "leaking bucket," he said.

According to Hifnavi, the World Bank is ready to support the energy sector, but this cannot happen without a clear and understandable government plan for financial stabilization of the industry.

The World Bank representative also noted that the accumulation of debts is not a problem of the NEC Ukrenergo, but a problem of the entire electricity market, so the state should be involved in the process of resolving financial issues.

11:34 / 14 June 2021

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