World Bank readies $3-B support package for Ukraine

WASHINGTON – The World Bank is preparing a support package for Ukraine totaling US$3 billion and is studying Ukraine’s request for emergency financing, International Monetary Fund (IMF) managing director Kristalina Georgieva and World Bank Group president David Malpass said in a joint statement.

“Our institutions are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support. We have been in daily contact with the authorities on crisis measures,” the statement said.

According to the document, the IMF is responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which its Board could consider as early as next week.

“At the World Bank Group, we are preparing a $3 billion package of support in the coming months, starting with a fast-disbursing budget support operation for at least $350 million that will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education,” it added.

Assessing the situation around Ukraine

The IMF and the World Bank are assessing the situation around Ukraine and discussing the adoption of necessary measures, Georgieva and Malpass said.

“We stand with the Ukrainian people through these horrifying developments. The war is also creating significant spillovers to other countries. Commodity prices are being driven higher and risk further fueling inflation, which hits the poor the hardest. Disruptions in financial markets will continue to worsen should the conflict persist. The sanctions announced over the last few days will also have a significant economic impact. We are assessing the situation and discussing appropriate policy responses with our international partners,” the document said. (TASS)