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World Bank board approves $1.49 billion in new funds for Ukraine.

World Bank board approves $1.49 billion in new funds for Ukraine.

World Bank board approves $1.49 billion in new funds for Ukraine.

World Bank board approves $1.49 billion in new funds for Ukraine. credit google

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  • The World Bank’s total pledged contribution to Ukraine is more than $4 billion.
  • The latest cash is backed by financial assurances from the United Kingdom, Netherlands, Lithuania, Latvia.
  • Ukraine needs at least $5 billion per month to keep its government running in the short term.
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On Tuesday, the World Bank’s executive board approved $1.49 billion in extra funding for Ukraine to assist pay government and social workers’ wages, bringing the bank’s total pledged contribution to more than $4 billion.

The latest cash is backed by financial assurances from the United Kingdom, the Netherlands, Lithuania, and Latvia, according to the World Bank. Parallel funding from Italy and contributions from a new Multi-Donor Trust Fund are also helping to fund the project.

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In the short term, Ukraine says it needs at least $5 billion per month to keep its government running in the face of Russia’s invasion in February and fighting that has shut down large parts of its economy. Finance ministers from the Group of Seven countries

The World Bank has been working with donor countries to assist health care, education, social services, power and water supply, and roads through its different funding initiatives.

In a statement, World Bank Eastern Europe country director Arup Banerji said the fundamental services were “important to averting further deterioration in living circumstances and poverty in Ukraine beyond the misery wrought by the war.”

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Banerji noted that such services will be “the core of any recovery and restoration.”

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