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WASHINGTON, June 30 In the event of a default by Ukraine, Japan will fully cover the losses of the International Bank for Reconstruction and Development (IBRD), including interest payments, a source in the Russian directorate said World Bank Group.
Earlier, the Board of Executive Directors of the World Bank approved a $1.5 billion loan to Ukraine. The international organization reported that it was about the allocation of funds under the guarantees of the Japanese government.
«In the event of Ukraine's default, Japan will fully cover the losses of the IBRD, including interest payments,» the source said.
On Thursday, Ukraine's Finance Ministry also announced that Kyiv had received $1.215 billion in new grants from the United States and Finland through the World Bank's Donor Trust Fund.
Earlier, Ukrainian Finance Minister Sergei Marchenko said that the state budget deficit is about $5 billion a month. According to him, two-thirds of the budget receives from foreign loans and grants, while three-quarters of budget spending falls on military needs.