The World Bank has spent up to $925 million to bolster Ukraine’s social services for vulnerable people.
This was disclosed in a press release titled “World Bank Announces Additional $200 Million in Financing for Ukraine,” issued by the financial institution.
According to the statement, this financing is part of the $3 billion package support that the World Bank Group previously announced it is preparing for Ukraine over the coming months.
What the World Bank is saying
The new funding comes on top of the $723 million mobilized for Ukraine and its people last week, of which $350 million has already been disbursed to Ukraine.
The Bank said, “Financing will support essential social services; combined total of World Bank-mobilized support for Ukraine now stands at more than $925 million.”
“The ongoing war continues to have severe human costs and has created financing gaps that jeopardize the ability of vulnerable people in Ukraine to meet basic needs,” said World Bank Group President David Malpass. “This rapid support will help to bridge those gaps during a time of extreme disruption as we work on broader support efforts for Ukraine and the region.”
While the exact extent of the Russian invasion of Ukraine is unknown, it is resulting in an increasing number of civilian deaths, destruction of livelihoods, and damage to essential civilian infrastructures such as homes, water and sanitation, schools, health facilities, and highways.
What you should know
- The International Monetary Fund (IMF) and the World Bank earlier agreed to provide Ukraine with over $5 billion in response to the country’s request for emergency financing.
- The International Monetary Fund’s Ukraine Stand-By Arrangement program disbursed $2.2 billion, while the World Bank Group is drafted a $3 billion aid package.
- The International Monetary Fund’s Executive Board also approved a $1.4 billion disbursement under the Rapid Finance Instrument (RFI) to help fulfill urgent financing needs and reduce the war’s economic damage in Ukraine.
- The World Bank also approved a $723 million grant package for Ukraine, which would help the country’s government budget while it fights a Russian invasion.
- Austria has given €10 million ($11 million equivalent) to the multi-donor trust fund (MDTF) established by the World Bank to assist the channelling of grant money from donors to Ukraine as part of the mobilization activities. This brings the MDTF’s total funding to $145 million.