• Russia-Ukraine Crisis: World Bank Approves $723 million Financial Package to Ukraine

    International

    According to the UN Refugee Agency, 1.7 million Ukrainians, primarily women, children, and the elderly, have fled to neighbouring countries since the beginning of the invasion.

    Digital Desk: The World Bank announced the approval of a $723 million funding package for Ukraine as it fights the ongoing Russian aggression. A statement released on its website by the World Bank stated that the World Bank Board of Executive Directors authorized an additional budget support package for Ukraine. "The package approved by the Board consists of a $350 million supplemental loan and $139 million in guarantees, as well as mobilizing grant financing of $134 million and parallel financing of $100 million, for a total mobilized the support of $723 million," it said. "Fast-disbursing funding would enable the government to offer important services to Ukrainian people, such as wages for hospital employees, pensions for the aged, and social programs for the needy," the statement added. According to the statement, World Bank's original financing was extended with guarantees from the Netherlands for 80 million euros ($89 million) and Sweden for $50 million. The World Bank also stated that it had established a multi-donor trust fund (MDTF) to enable the channeling of grant resources from donors to Ukraine, with donations totaling $134 million so far from the United Kingdom, Denmark, Latvia, Lithuania, and Iceland. In addition, Japan is attaching a $100 million parallel financing package to the assistance package. "The World Bank Group is acting quickly to support Ukraine and its people in the face of the brutality and significant disruption created by the Russian invasion," said World Bank President David Malpass in a statement. "The World Bank Group is united in its support for the people of Ukraine and the region. This is the first of several initiatives we are taking to address the crisis's far-reaching human and economic consequences." Malpass added. The World Bank Group is also developing a $3 billion package of assistance for Ukraine in the coming months, as well as further assistance for neighbouring countries hosting Ukrainian refugees, according to the statement. According to the UN Refugee Agency, 1.7 million Ukrainians, primarily women, children, and the elderly, have fled to neighbouring countries since the beginning of the invasion. Also Read: Russia-Ukraine Crisis: Russia bans social media platforms Twitter, Facebook

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