World Bank to provide Ukraine additional $200 million in emergency social financing

15 March 2022, 01:30 PM

The World Bank will provide Ukraine with $200 million to fund social services for the most vulnerable cohorts of the Ukrainian population, the organization announced on its website on March 14.

These funds are in addition to a previously approved $723 million, of which $350 million have already been transferred to Ukraine.

“This financing is part of the $3 billion package of support that the World Bank Group previously announced it is preparing for Ukraine over the coming months,” the message reads.

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Earlier, Ukraine’s Finance Minister Serhiy Marchenko said that the country will suffer “colossal” losses due to the war, since the war is raging over the areas that produce half of Ukraine’s GDP. The State Customs Service reports that its current revenues are at mere 15% of their peacetime levels.

The IMF has previously approved the disbursement of $1.4 billion ($1 SDR), within the framework of the Rapid Financing Instrument.

Ukraine has already received EUR 300 million from the EU, as part of a wider EUR 1.2 billion Macro-Financial Assistance program.

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