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Public Finance Modernization Project

Abstract*

The Ukraine Public Finance Modernization Project aims to strengthen public financial management in terms of operational efficiency and transparency. The project includes the following components: strengthening institutional capacity and operational effectiveness; development of an integrated public financial management system; and project Management.

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

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Development Objective

The objective of the Project is to strengthen public financial management by improving operational efficiency and transparency.

Key Details

Project Details

  • P090389

  • Closed

  • Arun Arya , John Beazley

  • N/A

  • Ukraine

  • January 5, 2006

  • (as of board presentation)

    January 8, 2008

  • September 21, 2007

  • US$ 65.00 million

  • Ministry of Finance

  • Europe and Central Asia

  • 2008

  • US$ 50.00 million

  • C

  • June 28, 2015

  • December 31, 2014

  • BANK APPROVED

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
International Bank for Reconstruction and Development 50.00
Borrower/Recipient 15.00

Total Project Financing (US$ Millions)

Product Line IBRD/IDA
IBRD Commitment 50.00
IDA Commitment N/A
IBRD + IDA Commitment 50.00
Lending Instrument
Grant Amount N/A
Total Project Cost** 65.00

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

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No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of February 28, 2025

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No data available.
Period Financier Transaction Type Amount (US$)
Jan 15, 2014 IBRD-48820 Int Charges 3,728.92
Jan 15, 2014 IBRD-48820 Loan Repay 1,628,170.00
Oct 7, 2013 IBRD-48820 Loan Disb 166,250.00
Feb 14, 2014 IBRD-48820 Loan Disb 230,000.00
Jul 15, 2013 IBRD-48820 Int Charges 747.34
Jan 8, 2008 IBRD-48820 Loan Commitment 50,000,000.00
Jul 15, 2013 IBRD-48820 Loan Repay 2,085,000.00
Oct 3, 2014 IBRD-48820 Loan Cancel 46,056,832.00
Jul 15, 2014 IBRD-48820 Int Charges 395.52
Jul 15, 2014 IBRD-48820 Loan Repay 230,000.00
Jul 15, 2013 IBRD-48820 Int Charges 9,986.54

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name Review Date
Counterpart Funding Unsatisfactory 2014-12-30
Project Management Moderately Unsatisfactory 2014-12-30
Overall Implementation Progress (IP) Unsatisfactory 2014-12-30
Progress towards achievement of PDO Unsatisfactory 2014-12-30
Procurement Moderately Unsatisfactory 2014-12-30
Counterpart Funding Unsatisfactory 2014-12-30
Financial Management Satisfactory 2014-12-30

COMPLETION RATINGS

INDICATORIMPLEMENTATION COMPLETION & RESULTS REPORT: 06-30-2015
OutcomesUnsatisfactory
Risk to Development OutcomeNegligible
Bank PerformanceModerately Unsatisfactory
Borrower PerformanceModerately Unsatisfactory
Government PerformanceModerately Unsatisfactory
Implementing AgencyModerately Unsatisfactory

INDEPENDENT EVALUATION RATINGS

INDICATORICR REVIEW: 11-09-2015PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome RatingUnsatisfactory N/a
Risk To Development OutcomeNegligible To LowN/a
Bank PerformanceUnsatisfactoryN/a
Borrower PerformanceUnsatisfactoryN/a
Government PerformanceUnsatisfactoryN/a
Implementing AgencyUnsatisfactoryN/a
Icr QualityExemplaryN/a
M&e QualityModestN/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • Increased strategic alignment of the budget with the public policy priorities .ValueExisting budget formulation methodologies are not The Draft 2014 State Budget was developed and baseFully functional PFMS in use during the planning e
    DateMarch 25, 2008November 3, 2014June 30, 2015
    Comment
  • Reduction of 20% in time required to get necessary information for managerial decisions through the use of an integrated managementand information platform.ValueDecision-making processes are delayed because infoNot achieved.Minimum of 20% reduction in average time for acces
    DateMarch 25, 2008November 3, 2014June 30, 2015
    Comment
  • Increased transparency and reliability of public sector financial reporting through compliance with international accounting standards and alignment with EU accession requirements.ValuePublic Sector accounting is not compliant with ISAUnified chart of accounts has been adopted.National accounting standards are in use (via new
    DateMarch 25, 2008November 3, 2014June 30, 2015
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Budget data and policy assumptions published in greater detail.ValueSummary proposed budget and budget execution publiBudget module of the PFMS is not operational.State budget execution performance is published in
    DateMarch 25, 2008December 24, 2014June 30, 2015
    Comment
  • Budget execution: Improving the system of PFM by means of modernizing accounting system in public administration sector.ValueAccounting and financial reports not unified in puPFMS is not operational to apply the new Chart of PFMS is operational based on new national accounti
    DateMarch 25, 2008December 24, 2014June 30, 2015
    Comment
  • Public Financial Management System (PFMS) established and functioning.ValueCurrent PFM information systems are fragmented.PFM systems are not integrated. Government has decPFMS system fully operational. New budget codes an
    DateMarch 25, 2008December 24, 2014June 30, 2015
    Comment
  • MoF, STU and KRU staff trained in PFMS functionality and operations.ValueNone currently trained.None currently trained.All staff training completed.
    DateMarch 25, 2008December 24, 2014June 30, 2015
    Comment
  • Timely and comprehensive fiscal management reports produced.ValueCurrently financial reports are fragmented.No progress made under the projectData warehouse is fully operational as a part of i
    DateMarch 25, 2008December 24, 2014June 30, 2015
    Comment
  • The local budgets are based on program-target method (PTM) and all relevant budgetary program passports are managed with the new PFMS.ValueProgram budgeting at local budget level is optionaompleted. 692 local budgets were involved in the Budget preparation for all 692 local budgets is ba
    DateMarch 23, 2012December 24, 2014June 30, 2015
    Comment
  • MoF, STSU and SFIU staff, and spending units (SUs) are trained on new legislation & process changes.ValueMoF staff are not familiar with new PFM legislatioChange management and training component was not i+ 14 workshops for SUs (1,700 participants)+ Trai
    DateMarch 23, 2012December 24, 2014June 30, 2015
    Comment