Washington: The World Bank approved a USD 723 million loan and grant package for Ukraine on Monday, offering government budget support in the midst of the all-out confrontation with Russia.
In a statement, the international lender said it had approved a USD 489 million additional budget support package for Ukraine called Financing of Recovery from Economic Emergency in Ukraine.
"The package authorised by the Board comprises of a USD 350 million supplemental loan and USD 139 million in guarantees, as well as USD 134 million in grant financing and USD 100 million in parallel financing, for a total mobilised support of USD 723 million," it added.
According to the bank statement, the fast-disbursing support will help the government offer important services to Ukrainian citizens, such as wages for hospital staff, pensions for the aged, and social programmes for the needy.
The World Bank's original funding was extended, according to the bank, with guarantees of 80 million euros (USD 89 million equivalent) and 50 million dollars from the Netherlands and Sweden, respectively.
The World Bank has also established a multi-donor trust fund to enable the channelling of grant resources from donors to Ukraine, with contributions totaling USD 134 million so far from the United Kingdom, Denmark, Latvia, Lithuania, and Iceland.
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