New Delhi: The world bank has decided to provide three billion USD to Ukraine as an emergency aid package, which will help the Kyiv government revive the country again. As per reports, this support package will include at least $350 million in immediate funds. The announcement – was made by World Bank President David Malpass and IMF Managing Director Kristalina Georgieva in a joint IMF-World Bank Group statement on the War in Ukraine on Tuesday (local time).
The first tranche of the aid “will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education,” said World Bank President Malpass in a joint statement with IMF Managing Director Georgieva.
IMF and the World Bank are assessing the situation around Ukraine and discussing the adoption of necessary measures, IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass said in a joint statement.
“We stand with the Ukrainian people through these horrifying developments. The war is also creating significant spillovers to other countries. Commodity prices are being driven higher and risk further fueling inflation, which hits the poor the hardest. Disruptions in financial markets will continue to worsen should the conflict persist. The sanctions announced over the last few days will also have a significant economic impact. We are assessing the situation and discussing appropriate policy responses with our international partners,” the document says.
(_Vinayak)