By Christiana Gabriel
The World Bank has approved a $723 million package in loan and grants for Ukraine as an aid and budget support in tackling Russian attack.
According to Irish Times, the package is made up of the approved $350 million loan that was initially requested for by the Ukrainian government as well as $139 million grants from Netherlands and Sweden.
It also include $134 million grants from Britain, Denmark, Latvia, Lithuania and Iceland while Japan is corresponding with $100 million.
The World Bank has pledged loyalty to the Ukrainian government. David Malpass, World Bank’s president said in a statement on Monday, “The World Bank group stands with the people of Ukraine and the region. This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis”.
According to the World Bank’s spokesperson, the ‘support’ funds will be transferred to Ukraine’s government in few days. It was added that the Bank would not regulate how the funds are going to be spent but it is expected to provide critical services, pay hospital workers, fund pensions and foster social programmes.
The Bretton Woods institution also said it is currently working on another $3 billion package for Ukraine in coming months and also additional support will be made for neighbouring countries that are taking in Ukraine refugees, mostly women and children.
