The World Bank (WB) announced new aid to Ukraine worth US$1.5 billion (about €1.4 billion) to be subsidized by Japan.
This new loan aims to “meet the needs of the newly poor and displaced by the war”, “support reforms to improve transparency and accountability of public spending” and “help markets function better during and after the war the institution said in a statement.
“Since February 2022, the World Bank has been working tirelessly with the international donor community to provide emergency funds that help the government of Ukraine keep children in school, hospitals open and basic government functions,” said BM’s vice president. . for Europe and Central Asia, Antonella Bassani, in the same note.
“Ukraine, for its part, has shown tremendous resilience in the face of the Russian invasion. We commend the government for implementing difficult reforms during a war, for the country’s future and long-term development gains. The World Bank will continue to unwaveringly support Ukraine to recover and build an even stronger economy,” Bassani added.
Since the beginning of the invasion, the BM has allocated more than $37.5 billion (about €34 billion) to support about 13 million Ukrainians.
Countries that have borrowed money include the United States, Japan, the United Kingdom, Norway, the Netherlands, Spain, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland and Belgium.
The money will be channeled to the WB’s PEACE (Public Expenditure for Administrative Capacity Resilience in Ukraine) project.
According to the institution, the project raised a total of $19.7 billion (€18.2 billion) for the most deprived, and for the Trust Fund for Relief, Recovery, Reconstruction and Reform of Ukraine (URTF), which addresses needs in sectors such as transport, energy and health.
Source: DN
