World Bank Approved Additional Support Package For Ukraine Over USD 700 Million

The World Bank has approved an additional USD 700 million support package for Ukraine.

The Ministry of Finance has said this in a statement, Ukrainian News Agency reports.

The World Bank Board of Executive Directors has approved over USD 489 million in a development policy loan called Financing of Recovery from Economic Emergency in Ukraine (FREE Ukraine) between Ukraine and the International Bank for Reconstruction and Development.

In particular, USD 350 million will be a loan from the World Bank, USD 139 million - loan guarantees from the Netherlands and Sweden.

The World Bank has set up a donor trust fund, joined by the United Kingdom, Denmark, Latvia, Lithuania and Iceland.

The size of the fund is USD 134 million in grant funds.

Besides, Japan will provide a loan of USD 100 million in parallel financing.

The IBRD loan is provided to meet the financial needs resulting from the war, in particular to protect the fixed costs of critical public and social services and maintain the momentum of reforms under the conditions of the Second Economic Recovery Development Policy Loan (DPL).

As Ukrainian News Agency reported, the Cabinet of Ministers asks the United States, Canada, Great Britain, Germany, France, Italy, Japan to terminate the membership of Russia and Belarus in the International Monetary Fund and all organizations of the World Bank.