Friday, September 30, 2022

World Bank ready to provide ‘immediate’ financial aid to Ukraine

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The World Bank, in its statement on Thursday, said that it is ready to provide immediate financial support to Ukraine amid the present political and military crisis. “We stand ready to provide immediate support to Ukraine and are preparing options for such support, including fast-disbursing financing. Alongside development partners, the World Bank Group will use all our financing and technical support tools for rapid response,” as per the statement.

David Malpass, President of the World Bank Group, in the Thursday statement, said, “The World Bank Group is horrified by the shocking violence and loss of life as a result of the events unfolding in Ukraine. We are a long-standing partner of Ukraine and stand with its people at this critical moment.”

According to the World Bank statement, “The devastating developments in Ukraine will have far-reaching economic and social impacts,” it added, “We are coordinating closely with the IMF to assess these costs.” Malpass discussed the situation with the Board of Directors and said that they have mobilized their Global Crisis Risk Platform to accelerate coordination across the World Bank Group.

Malpass met Ukrainian President Volodymyr Zelenskyy in Munich on Saturday where he reaffirmed the World Bank Group’s “strong support and commitment” to the people of Ukraine and the region.

The World Bank Group is also in active dialogue to support neighbouring countries and people that may be affected by this conflict and will make additional resources available, said Malpass in the statement

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