World Bank approves $723 million in loans, grants for Ukraine
The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing desperately needed government budget support as the country battles a Russian invasion.
The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing desperately needed government budget support as the country battles a Russian invasion.
The package includes a $350 million loan supplement to a prior World Bank loan, augmented by about $139 million through guarantees from the Netherlands and Sweden, the bank said in a statement.
It also includes $134 million in grants from Britain, Denmark, Latvia, Lithuania and Iceland as part of a trust fund that will continue to take in grant contributions on Ukraine`s behalf. Japan is providing parallel financing of $100 million.
See Zee Business Live TV Streaming Below:
A World Bank spokesperson said the funds are expected to be transferred to Ukraine`s government in the next few days.
The World Bank`s budget support loans typically do not carry restrictions on how the funds can be spent, but the bank said the "fast-disbursing" support will help Ukraine`s government provide critical services, pay hospital workers, fund pensions and continue social programs.
The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion," World Bank President David Malpass said in a statement. "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."
The bank said it was continuing to work on another $3 billion package of support for Ukraine in coming months and additional support for neighboring countries that are taking in Ukrainian refugees, now exceeding 1.7 million, mostly women, children and the elderly.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
07:58 AM IST