The ongoing Russia-Ukraine conflict is not getting any better. As Ukraine confronts a Russian invasion, the World Bank has approved $723 million (£551 million) in loans and grants for the Ukraine.
The bank stated that it is working on a new $3 billion package of assistance for the country in the coming months.
It also promised more assistance to neighboring countries. Countries tat are hosting more than 1.7 million refugees, most of whom are women, children, and the elderly.
A $100 million promise from the United Kingdom is part of the financial package for Ukraine.
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In a statement, World Bank President David Malpass said, “The World Bank Group is taking swift action to support Ukraine and its people in the face of the violence and significant disruption created by the Russian invasion.”
The cash, according to the bank, will assist Ukraine’s government in providing crucial services. Service which include wages for medical personnel, pensions for the aged, and social programs for the poor.
Moreover, a $350 million loan is included in the deal, which is supplemented by $139 million in guarantees from the Netherlands and Sweden.
It also includes $134 million in grants from the United Kingdom, Denmark, Latvia, Lithuania, and Iceland, as well as $100 million in Japanese funding.
Mr. Malpass told the BBC last week that the war is a “catastrophe” for the world, and that it will slow global economic growth.
He explained that the war in Ukraine comes at a poor time for the world since inflation was already on the rise.
He made it clear that his main concern was “pure human loss of life.”