The World Bank has approved financial support to Ukraine worth $1bn (£770m) to help keep critical services running as the country fights a fresh assault by Russia in Vladimir Putin’s ongoing war.
The bank said the funds would be used to support the continuation of key government services, including wages for hospital workers, pensions for elderly people, and social programmes for vulnerable people.
Bringing the World Bank’s total support to Ukraine and neighboring countries to around $2 billion, the latest round of funding was made possible after securing approval from its arm of the International Development Association on Monday.
Announcing the funds in a speech in Poland on Tuesday, David Malpass, president of the World Bank, said the organization was providing immediate working capital to businesses providing essential supplies to Ukraine.
“We work to help Ukrainian refugees plan their return home, help host communities absorb Ukrainians, and help the millions of internally displaced people in Ukraine who have lost their homes and livelihoods. “, did he declare.
Founded in 1944 to help Europe rebuild after World War II, the Washington-based institution counts Russia and Ukraine among its members. Malpass, who met Ukrainian President Volodymyr Zelenskiy in Munich before the outbreak of war, said the bank was “ready to help Ukraine rebuild when the time comes”.
The head of the global development body said he was analyzing the impacts of the ongoing war, including rising food and energy prices which are expected to have a severe impact on low-income countries in the whole world. “[We are] prepare a rapid response to the crisis that will provide targeted support to developing countries,” he said.
The World Trade Organization has revised down its forecast for world trade growth for the year, saying the outlook for the global economy has darkened since the start of the war on February 24.
With sweeping sanctions imposed by Western allies in response to Putin’s war, Russia’s economy is set to fall into a deep recession. A former Russian finance minister, Alexei Kudrin, says the economy is on course for the biggest contraction in economic output since 1994, when the country struggled to recover from the collapse of the Union Soviet.
The Kremlin’s economy and finance ministers are working on new forecasts, state news agency RIA reported. “The official forecast would be more than about a 10% contraction,” said Kudrin, who served as Putin’s finance minister from 2000 to 2011, according to the report.
Source: World Bank approves additional £770m for key Ukraine services - The Guardian - OLTNEWS
The bank said the funds would be used to support the continuation of key government services, including wages for hospital workers, pensions for elderly people, and social programmes for vulnerable people.
Bringing the World Bank’s total support to Ukraine and neighboring countries to around $2 billion, the latest round of funding was made possible after securing approval from its arm of the International Development Association on Monday.
Announcing the funds in a speech in Poland on Tuesday, David Malpass, president of the World Bank, said the organization was providing immediate working capital to businesses providing essential supplies to Ukraine.
“We work to help Ukrainian refugees plan their return home, help host communities absorb Ukrainians, and help the millions of internally displaced people in Ukraine who have lost their homes and livelihoods. “, did he declare.
Founded in 1944 to help Europe rebuild after World War II, the Washington-based institution counts Russia and Ukraine among its members. Malpass, who met Ukrainian President Volodymyr Zelenskiy in Munich before the outbreak of war, said the bank was “ready to help Ukraine rebuild when the time comes”.
The head of the global development body said he was analyzing the impacts of the ongoing war, including rising food and energy prices which are expected to have a severe impact on low-income countries in the whole world. “[We are] prepare a rapid response to the crisis that will provide targeted support to developing countries,” he said.
The World Trade Organization has revised down its forecast for world trade growth for the year, saying the outlook for the global economy has darkened since the start of the war on February 24.
With sweeping sanctions imposed by Western allies in response to Putin’s war, Russia’s economy is set to fall into a deep recession. A former Russian finance minister, Alexei Kudrin, says the economy is on course for the biggest contraction in economic output since 1994, when the country struggled to recover from the collapse of the Union Soviet.
The Kremlin’s economy and finance ministers are working on new forecasts, state news agency RIA reported. “The official forecast would be more than about a 10% contraction,” said Kudrin, who served as Putin’s finance minister from 2000 to 2011, according to the report.
Source: World Bank approves additional £770m for key Ukraine services - The Guardian - OLTNEWS
