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World Bank, IMF come to Ukraine’s rescue–will increase funding to war-torn nation

Russia-Ukraine tension: World Bank, IMF take stock

The World Bank and the International Monetary Fund (IMF) are jointly working towards supporting Ukraine while assessing the economic and financial impact of the conflict and refugees on other countries in the region.

The World Bank has announced a $3 billion aid package for Ukraine, which will include at least $350 million in immediate funds. The board is expected to approve the first tranche of the aid during the course of the week.

The package will include the mobilization of financing from several development partners, and we welcome the already-announced support from many bilateral partners.

Also read: Russia's central bank announces a host of measures to protect the economy and support the local currency

World Bank President David Malpass said that the first tranche of the aid "will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education."

“We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine. People are being killed, injured, and forced to flee, and massive damage is caused to the country’s physical infrastructure. IMF Managing Director Kristalina Georgieva said.

In a joint statement, the IMF and World Bank said that they “stand ready to provide enhanced policy, technical, and financial support to neighboring countries as needed.”

The statement also underlined the need for coordinated international action to mitigate risks and navigate the treacherous period ahead. “This crisis affects the lives and livelihoods of people around the world, and we offer them our full support,” the statement added.