World Bank's board approves $1.49B of additional financing for Ukraine
The World Bank's executive board approved $1.49 billion of additional financing for Ukraine on Tuesday to help pay wages for government and social workers, expanding the bank's total pledged support to over $4 billion, News.Az reports citing Reuters.
The World Bank said in a statement that the latest funding is supported by financing guarantees from Britain, the Netherlands, Lithuania and Latvia. The project is also being supported by parallel financing from Italy and contributions from a new Multi-Donor Trust Fund.
Ukraine has said that it needs at least $5 billion per month in the near term to keep its government operating in the face of the invasion by Russia in February and fighting that has shut down vast portions of its economy. Finance leaders from the Group of Seven industrial democracies last month pledged $9.5 billion in new funding, bringing their non-military support to nearly $20 billion.