On Monday, the World Bank Board of Executive Directors greenlit a total of $723 million in emergency financing support for Ukraine.
The Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – support package intends to help the government provide crucial services to the country’s people amid an invasion by Moscow’s troops.
The financing will assist Kyiv in critical initiatives like providing elderly citizens with their pensions, issuing wages to healthcare workers, and helping Ukraine’s most vulnerable populations.
“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” World Bank President David Malpass said in a press release.
“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” World Bank President David Malpass said in a press release.
The World Bank is readying an additional $3 billion support package for the country in the coming months, and the institution also plans to provide support to states accepting refugees fleeing clashes in Ukraine.
Over 1.7 million people crossed Ukraine’s borders to seek refuge in neighboring states, the United Nations refugee agency announced on Monday.
“Medium and long-term support will be needed for the provision of public services, both for refugee and host communities, and labor market access for refugees,” the World Bank press release said.
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