World
World Bank to provide $3bn aid package for Ukraine amid Russian invasion
The World Bank says it is preparing a $3 billion aid package for Ukraine in the face of Russia’s invasion.
The bank said the funding would start with a fast-disbursing budget injection of at least $350 million this week, followed by $200 million for health and education.
David Malpass, World Bank President and Kristalina Georgieva, managing director of the International Monetary Fund (IMF), disclosed this in a joint statement yesterday.
“At the World Bank Group, we are preparing a $3 billion package of support in the coming months, starting with a fast-disbursing budget support operation for at least $350 million that will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education,” the statement reads.
“This package will include the mobilization of financing from several development partners, and we welcome the already-announced support from many bilateral partners.
Meanwhile, they said the IMF board would consider Ukraine’s request for emergency financing by next week.
“At the IMF, we are responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which our Board could consider as early as next week,” the statement adds.
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