The World Bank mobilized $4.5 billion to help Volodymyr Zelensky’s government deal with the economic consequences of the war.
The World Bank on Monday announced $4.5 billion in additional aid to Ukraine, which will be provided by the United States to help the government meet “urgent needs created by the war.” According to the World Bank, this additional aid must enable the government and local authorities to cover social, pension and health expenditure.
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The aid will be paid in installments to Ukraine’s government, with an initial disbursement of $3 billion this month, the US Treasury Department said. “Ukraine needs continued government services, including health, education and social protection, to prevent further deterioration in living conditions and poverty,” said World Bank President David Malpass. “We are grateful to the United States and our partners for their continued support… and for the generous donation that will greatly support the people of Ukraine,” he added.
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This brings the total amount of emergency financial assistance mobilized by the institution to Ukraine to nearly $13 billion, of which more than $6.3 billion had been disbursed by the end of July. “This economic aid is essential to helping the Ukrainian people defend their democracy in the face of the Russian war,” said Janet Yellen, Joe Biden’s US Treasury Secretary.
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The US Pentagon also announced a new $1 billion tranche of military aid to Ukraine on Monday. As a reminder, Ukraine was attacked by Russia on February 24. And the war, which drove millions of Ukrainians to emigrate, plunged the country into a deep recession.
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