Ukraine

Ukrainian president signs World Bank deal

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Leonid Kuchma signed a draft law on a $200 million World Bank loan to upgrade Kyiv's heating system, AP reported on 9 December. The deal must be ratified by the parliament and is still subject to the IMF's approving the government's reform program. The money would be used to modernize the city's power plants. Kuchma also issued a decree setting up a special economic zone in Transcarpathia, the western part of the country that was hit badly by floods last month. The decree grants tax breaks and provides incentives for investment in the region. PB
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