World Bank considers massive loan to Ukraine

World Bank considers massive loan to Ukraine

The World Bank’s President David Malpass said on Tuesday the lender is preparing a $1.5 billion support package for war-torn Ukraine. The loan will include a $1-billion payment from the development lender’s fund for the poorest countries.

According to Malpass, who was speaking in Warsaw, the package was enabled by Monday's approval of $1 billion in International Development Association (IDA) aid by donor and recipient countries, as well as a $100-million IDA payment to neighboring Moldova.

He explained the bank’s support as aimed at helping Ukraine provide critical services, including paying wages for hospital workers, as well as funding pensions and social programs.

“The World Bank was created in 1944 to help Europe rebuild after World War II. As we did then, we will be ready to help Ukraine with reconstruction when the time comes,” Malpass said.

Sources told Reuters that the plan still needs full approval by the World Bank’s board of directors in coming weeks.The funding comes on top of about $923 million in fast-disbursing financing approved by the World Bank last month, which also includes donor-country contributions.

Malpass said the bank was in close contact with Ukrainian authorities to provide support and was working to assist Ukrainian refugees and the countries hosting them.The World Bank is analyzing 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,” Malpass added.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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