You're reading: Government to ask IBRD to provide loan for land reform

KYIV, July 18 – The Cabinet of Ministers will ask the International Bank for Reconstruction and Development to provide loans for land reform in Ukraine, Prime Minister Viktor Yushchenko said on Monday during a meeting with representatives of the British-Ukrainian Chamber of Commerce.

Yushchenko said that the IBRD's assistance was necessary for legalization of the agricultural reform in Ukraine.

"One of the issues for which we will seek the support of the World Bank and Mr. Wolfensohn in October is World Bank support for land reform in Ukraine," Yushchenko said.

Yushchenko also said that land reform could be completed within 5-6 years if it continued at the current pace.

According to him, at least $80 million in loans is required for issuing land certificates. These costs cover survey and marking off of the land plots. Issuance of a single act costs about Hr 60.

According to Yushchenko, the Cabinet of Ministers will make provisions for the necessary amounts in the state budget next year if it fails to secure the World Bank's support.

At present, 6.3 million Ukrainians have secured ownership of about 26 million hectares of land, with each person owning an average of 4.1 hectares of land.

In total, 325,000 Ukrainian citizens have thus far received such acts.

The IBRD's President James Wolfensohn is scheduled to visit Ukraine in October.