The World Bank approves a financial package of $723 million for Ukraine
The World Bank recently approved a financial package of $723m (£551m) in loans and grants to help the war-torn country, Ukraine.
On 24 February 2022, Russia began a full-scale invasion of Ukraine. This invasion is considered the largest military attack on a country in Europe since World War II. According to the Atlantic Council, Vladimir Putin has seriously wounded Ukraine’s economy causing the country great economic losses.
So, the support from the World Bank will help the government provide critical services to Ukrainian people, including wages for hospital workers, pensions for the elderly, and social programs for vulnerable people.
On March 7th, executive directors of the World Bank Board approved a support package for Ukraine, called Financing of Recovery from Economic Emergency in Ukraine. The financial package approved by the bank includes a supplemental loan for $350 million and guarantees in the amount of $139 million and is also mobilizing grant financing of $134 million and parallel financing of $100 million.
The $134m in grants come from Britain, Denmark, Latvia, Lithuania, and Iceland and $100m of financing from Japan.
The World Bank has also come up with a plan called Multi-Donor Trust Fund (MDTF) to facilitate extra help for neighboring countries that are taking in more than 1.7m refugees, which are mostly women, children, and the elderly.
The MDTF will clear the way for channeling grant resources from donors to Ukraine, with contributions from the UK, Denmark, Latvia, Lithuania, and Iceland. The financial package for Ukraine includes a $100m pledge from the UK.
“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” said World Bank President David Malpass.
“The World Bank Group stands with the people of Ukraine and the region. This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis.”
The bank said it is working on another financial package of $3 billion to support the war-ravaged country in the coming months.
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