ISTANBUL: The World Bank announced on Monday that it approved a support package of US$723 million for Ukraine amid the ongoing war with Russia.
The bank in a statement said the supplemental budget support package for Ukraine, called Financing of Recovery from Economic Emergency in Ukraine, or FREE Ukraine, was approved by the Board of Executive Directors.
“The package approved by the Board consists of a supplemental loan for US$350 million and guarantees in the amount of US$139 million, and is also mobilising grant financing of US$134 million and parallel financing of US$100 million,“ reported Anadolu Agency quoting the statement.
World Bank President David Malpass said 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,” he said.
Russia’s war on Ukraine, which began on Feb 24, has drawn international condemnation and led to severe sanctions on Moscow. Major businesses are also pulling out of Russia.
At least 406 civilians have been killed and 801 others injured in Ukraine since the beginning of the war, while more than 1.7 million people have also fled to neighbouring countries, according to UN figures.
Russia retaliated to the sanctions by issuing a list of states and territories that took “unfriendly actions against Russia, its companies, and citizens.”
According to the decree, overseas creditors in these countries can be paid in rubles instead of foreign currencies.-Bernama
