The World Bank authenticated an extra USD 489-million package underpinning Ukraine on Monday. The monetary aid will be made available spontaneously and is termed as ‘Free Ukraine,’ or ‘Financing of Recovery from Economic Emergency in Ukraine.’
World Bank unveils funding for Ukraine
On March 1st 2022, the Washington-based World Bank declared it was concocting an emergency that relied on USD 3 billion for Ukraine. A minimum of USD 350 million was to be released instantly.
The World Bank board of directors decided to expend an even more considerable amount on Monday.
The World Bank indicated in a statement that the funding package approved by the bank’s board comprised an additional loan of USD 350 million and assured in the amount of USD 139 million.
The bank indicated that swiftly distributing support would assist the government in delivering essential services to Ukrainian people, including salaries for hospital workers, allowances for the elderly, and social programs for the susceptible.
The bank highlighted that it was also marshalling grant funding of USD 134 million and corresponding funding of USD 100 million, resulting in comprehensive mobilised assistance of USD 723 million.
The World Bank quantified that Sweden and the Netherlands contributed necessary amounts to the package, delivering up to USD 50 million and USD 89 million, respectively.
The Washington-based lender stated that it had also established a multi-donor trust fund (MDTF) to simplify channelling grant resources from donors to Ukraine, with contributions from Denmark, the United Kingdom, Lithuania, Latvia, and Iceland in the volume of USD 134 million so far.
It called on individuals to deliver other grants to accumulate financing.
Twelve days of the Russia-Ukraine war has left several hundred civilians dead and thousands more incapacitated in Ukraine. Over 1.7 million people have escaped Ukraine since the Russian annexation on February 24th 2022. According to UN tallies, over 50% of the fleers have sought refuge in Poland.