Ukraine to receive $1.5bn in aid from World Bank
The World Bank said ESG, volatility and risk and inflation were the main challenges facing central banks in 2022. (AFP)
- The new financing from World Bank to Ukraine will be used to pay wages for government and social workers
- According to Zelensky, Ukraine's government needs a total of $7 billion aid in a month to continue to function
The World Bank on Tuesday approves an additional $1.5 billion in aid for Ukraine, bringing the total planned support package to more than $4 billion.
The Russian invasion of Ukraine in late February has created a humanitarian crisis and devastated the country’s economy, destroying infrastructure and blocking key grain exports, as well as draining the government’s ability to pay its bills.
The new financing will be used to pay wages for government and social workers, the development lender said in a statement, noting that with the new funds nearly $2 billion has been disbursed so far. The World Bank “is providing continuing support for Ukraine and its people in the face of the ongoing war,” bank President David Malpass said in a statement. “We are working with donor countries to mobilize financial support and leveraging the flexibility of our various financing instruments to help provide Ukrainians with access to health services, education and social protection.”However, Ukraine President Volodymyr Zelensky has said his government needs a total of $7 billion a month in aid to continue to function.
