World Bank gives $4.5 billion to Ukraine

World Bank gives $4.5 billion to Ukraine

UPDATE DAY

The World Bank on Monday announced an additional $4.5 billion in assistance for Ukraine, with funds provided by the United States, to help the government deal with ” urgent needs caused by the war”. 

This additional aid should in particular enable the government and local authorities to cover social, pension or health expenses, the World Bank said in a press release.

The aid will be paid in installments to the Ukrainian government , with a first installment of $3 billion this month, the US Treasury Department said in a separate statement.

“Ukraine needs continued government services, including health, education and social protection, to prevent further deterioration of living conditions and poverty,” World Bank President David Malpass said. , quoted in the statement. 

“We are grateful to the United States and our partners for their continued support (…) and for the generous grant that will greatly support the people of Ukraine,” said he added.

World Bank gives $4.5 billion to Ukraine

< p>World Bank gives $4.5 billion to Ukraine

This brings the total amount of emergency financial assistance mobilized for Ukraine by the institution to almost $13 billion, of which more than $6.3 billion had been disbursed at the end of July.

“This economic aid is essential to support the Ukrainian people as they defend their democracy in the face of the Russian war,” commented Joe Biden’s US Treasury Secretary, Janet Yellen, quoted in the statement.

The US Pentagon also announced on Monday a new tranche of military aid to Ukraine, amounting to one billion dollars.< /p>

Ukraine was invaded by Russia l on February 24. The war plunged the country into a deep recession and drove millions of Ukrainians into displacement.