World Bank lines up $1.5bn support package for war-torn Ukraine
President David Malpass says the bank is ready to help Ukraine with reconstruction when the time comes
12 April 2022 - 17:02
by David Lawder and Andrea Shalal
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
A participant stands near a logo of World Bank at the International Monetary Fund-World Bank annual meeting, in Nusa Dua, Bali, October 12 2018. Picture: JOHANNES CHRISTO/REUTERS
The World Bank is preparing a $1.5bn support package for war-torn Ukraine, including a $1bn payment from the development lender’s fund for the poorest countries, World Bank president David Malpass said on Tuesday.
Malpass, speaking in Warsaw, said the package was enabled by Monday’s approval of $1bn in International Development Association (IDA) aid by donor and recipient countries, as well as a $100m IDA payment to neighbouring Moldova.
In remarks ahead of next week’s World Bank and International Monetary Fund spring meetings, Malpass said the bank’s support was helping Ukraine provide critical services, including paying wages for hospital workers, pensions and social programmes.
“The World Bank was created in 1944 to help Europe rebuild after World War 2. As we did then, we will be ready to help Ukraine with reconstruction when the time comes,” Malpass said.
The plan still needs full approval by the World Bank’s board of directors in coming weeks, a World Bank spokesperson said.
Malpass did not specify the source of the additional $500m for Ukraine.
The aid comes on top of about $923m in fast-disbursing financing approved by the World Bank last month, which also includes donor country contributions.
Malpass said the World Bank was in close contact with Ukrainian authorities to provide support and was working to assist Ukrainian refugees and the countries hosting them.
He said the World Bank was analysing global impacts of the war in Ukraine, including the spike in food and energy prices, and is “preparing a surge crisis response that will provide focused support for developing countries”.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
World Bank lines up $1.5bn support package for war-torn Ukraine
President David Malpass says the bank is ready to help Ukraine with reconstruction when the time comes
The World Bank is preparing a $1.5bn support package for war-torn Ukraine, including a $1bn payment from the development lender’s fund for the poorest countries, World Bank president David Malpass said on Tuesday.
Malpass, speaking in Warsaw, said the package was enabled by Monday’s approval of $1bn in International Development Association (IDA) aid by donor and recipient countries, as well as a $100m IDA payment to neighbouring Moldova.
In remarks ahead of next week’s World Bank and International Monetary Fund spring meetings, Malpass said the bank’s support was helping Ukraine provide critical services, including paying wages for hospital workers, pensions and social programmes.
“The World Bank was created in 1944 to help Europe rebuild after World War 2. As we did then, we will be ready to help Ukraine with reconstruction when the time comes,” Malpass said.
The plan still needs full approval by the World Bank’s board of directors in coming weeks, a World Bank spokesperson said.
Malpass did not specify the source of the additional $500m for Ukraine.
The aid comes on top of about $923m in fast-disbursing financing approved by the World Bank last month, which also includes donor country contributions.
Malpass said the World Bank was in close contact with Ukrainian authorities to provide support and was working to assist Ukrainian refugees and the countries hosting them.
He said the World Bank was analysing global impacts of the war in Ukraine, including the spike in food and energy prices, and is “preparing a surge crisis response that will provide focused support for developing countries”.
Reuters
Trade credit allegedly cut off for oil imports to Russia-backed Nayara Energy
Zelensky appeals to Seoul for arms to help Ukraine survive war
Zelensky urges oil embargo as dozens found in mass grave near Kyiv
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
Pope condemns ‘folly of war’ at service in St Peter’s Square
Ukraine war to slash GDP by more than 45%, World Bank forecasts
Ukraine prepares for Russian push as Austrian leader aims to meet Putin
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.