First economic aid package for Ukraine ready: World Bank

The World Bank Executive Board on March 8 approved an additional budget for an economic aid package for Ukraine. The program is called: Financing for recovery from the economic emergency in Ukraine (FREE Ukraine), amounting to $ 489 million USD. This new loan is divided into an initial amount of $350 million USD provided by the International Bank for Reconstruction and Development (IBRD) and a guarantee of $139 million USD and also mobilizes another amount of $134 million USD and parallel financing of $100 million USD which will in total provide $723 million USD for the first economic aid package destined for Ukraine. This money will enable the government to provide essential services to its citizens, including payments for health care workers, pension payments for the elderly, and payments for social programs.

An estimated 1.7 million Ukrainians have crossed into neighboring countries according to the UN High Commissioner for Refugees.

Since its accession in 1992, Ukraine has received $14 billion divided into 90 projects and programs in areas such as water supply, sanitation, heating, electrical services, energy efficiency, roads, social protection, education, health care, as well as and for the private sector. . sector development.

Additional loans, reaching 3 billion announced.

The Netherlands and Sweden increased the initial aid amount by providing 80 million euros (equivalent to $89 million USD) and $50 million USD, respectively. The World Bank for its part recently established a multi-donor trust fund to facilitate savings. This mechanism has collected contributions from the United Kingdom, (100 million USD), Denmark (22 million USD), Latvia, Lithuania and Iceland (12 million USD) for a total of 134 million USD.

Japan will also provide $100 million USD of related parallel financing.

With information from the World Bank: Press release number: 2022/ECA/66

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Stuart Martin

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