The World Bank announced on Tuesday that it is preparing a $3 billion aid package for war-torn Ukraine that will include at least $350 million in immediate funding.
The first tranche of aid “will be submitted to the Council for approval this week, followed by $200 million in fast-disbursing support for health and education,” WB President David Malpass said in a joint statement with WB Managing Director IMF (International Monetary Fund), Kristalina Georgieva.
In recent days, the IMF and WB have promised to provide more support to Ukraine and have acted quickly to put that promise into practice.
The IMF, which has a $2.2 billion financing program under way in the country through June, will review the country’s latest emergency funding request next week, the statement said.
“We are deeply shocked and saddened by the devastating human and economic cost caused by the war in Ukraine,” the organizations said, noting the “significant repercussions for other countries”, including higher commodity prices that “risk fueling further inflation”.
Furthermore, the economic sanctions imposed on Russia “will also have a significant economic impact”.
G7 finance ministers and central bankers met on Tuesday and pledged to mobilize support for Kiev as they consider additional measures to further isolate Moscow.
The price of oil rose to more than $106 a barrel on Tuesday as fighting intensified and hundreds of thousands of people fled Ukraine.
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