InDaily InDaily

Support independent Journalism Donate Subscribe
Support independent journalism


World Bank approves $2b funds for Ukraine


The World Bank has approved $US1.49 billion($A2.07 billion) of additional financing for Ukraine to help pay wages for government and social workers, expanding the bank’s total pledged support for Kyiv to more than $US4 billion.

Print article

The World Bank said in a statement that the latest round of funding for Ukraine is supported by financing guarantees from Britain, the Netherlands, Lithuania and Latvia.

The project is also being supported by parallel financing from Italy and contributions from a new Multi-Donor Trust Fund.

Ukraine has said it needs at least $US5 billion ($A6.9 billion) per month in the near term to keep its government operating in the face of the invasion by Russia in February and fighting that has shut down vast portions of its economy.

Finance leaders from the Group of Seven industrial democracies last month pledged $US9.5 billion ($A13.2 billion) in new funding, bringing their non-military support to nearly $US20 billion ($A28 billion).

The World Bank has been working with donor countries to use its various financing programs to support health care, education, social services, power and water supplies, and roads.

The core services were “essential to preventing further deterioration in living conditions and poverty in Ukraine beyond the suffering inflicted because of the war,” World Bank Eastern Europe country director Arup Banerji said in a statement.

Such services would also be “the bedrock of any recovery and reconstruction,” Banerji said.


Make a comment View comment guidelines

Local News Matters

Media diversity is under threat in Australia – nowhere more so than in South Australia. The state needs more than one voice to guide it forward and you can help with a donation of any size to InDaily. Your contribution goes directly to helping our journalists uncover the facts. Please click below to help InDaily continue to uncover the facts.

Donate today
Powered by PressPatron

More World stories

Loading next article