The World Bank executive board announced it has approved $1.49 billion in additional funding for Ukraine which will be used to pay for the wages of government and social workers.
The new funds are part of a larger support package of over $4 billion, up from the earlier estimate $3 billion, the World Bank said in a statement. Of the expanded package, $2 billion has been disbursed.
The latest funding was supported by financing guarantees from the United Kingdom, the Netherlands, Lithuania, and Latvia, as well as parallel financing from Italy, expected future guarantees, including from Denmark, and contributions from a new Multi-donor Trust Fund, the World Bank said.
The U.S. last month also committed $40 billion to Ukraine, while the Group of Seven’s financial leaders agreed on $9.5 billion in new aid.
The World Bank added that it is working to support ordinary Ukrainians in areas such as access to health services, education, social protection, water supply, energy and roads.
“Maintaining these core services, and the ability of the government to deliver them, is essential to preventing further deterioration in living conditions and poverty in Ukraine beyond the suffering inflicted on the population because of the war,” said World Bank country director for Eastern Europe, Arup Banerji.
“In addition, keeping government capabilities functioning will be the bedrock of any recovery and reconstruction going forward.”
— Chelsea Ong
Source Article from https://www.cnbc.com/2022/06/07/russia-ukraine-live-updates.html
Comments