The World Bank is providing a $ 3 billion aid package to Ukraine

Chairman of the Bank Group David Malpass and the Managing Director of the IMF Kristalina Georgieva announced ‘s aid package on Tuesday (local time) in a joint statement by the IMF and the World Bank Group on the war in Ukraine.

“We are deeply shocked and saddened by the devastating and economic casualties caused by the war in Ukraine. People are being killed, injured and forced to flee, and the country’s physical infrastructure is being severely damaged. We stand on the side of the Ukrainian people.”

The statement further stated that “the war will also have significant spill-over effects on other ”.

“Commodity prices are rising and there is a risk of further accelerating , which will hit the poor hardest. Financial market turmoil will worsen if the conflict continues. The sanctions announced in recent days will also have a significant economic impact. We will assess the situation and discuss appropriate policy responses with our international partners.” .

The statement said that the IMF-World Bank Group is working together to support Ukraine in the areas of finance and policy and will increase this support as a matter of urgency.

“At the IMF, we will respond to Ukraine’s emergency funding request through the Rapid Financing Instrument, which our government could consider as early as next week. In addition, we will continue to on Ukraine’s Stand-By Arrangement program. Additional funding will be available from now until the end of June.” , the opinion reads.

“In the World Bank Group, we are preparing a $ 3 billion support package in the coming months, starting with a fast-paced budget support operation of at least $ 350 million to be submitted to the government for approval this week. $ 200 million in rapid support for and ,” the statement said.

The statement also noted that the World Bank and the IMF are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world.

“We are ready to provide enhanced political, technical and financial support to neighboring countries as needed. Coordinated international action is crucial to mitigate risks and guide the future fraudulent period. This is affecting people’s lives and livelihoods around the world and we will give them our full support,” he said.

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Source: The Nordic Page

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