World Bank Approves Additional Financial Assistance of $1.49 Billion for Ukraine

The World Bank Headquarters in Washington DC.

(Photo Courtesy: worldbank.org)

The World Bank on Tuesday, 7 June said that it would provide an additional funds of $1.49 billion to Ukraine, making the bank's total financial aid package for the war-torn nation well over $4 billion.

The additional funds come under the World Bank's Public Expenditures for Administrative Capacity Endurance in Ukraine Project, an official press release said.

World Bank president David Malpass indicated that bank is “working with donor countries to mobilize financial support and leveraging the flexibility of our various financing instruments to help provide Ukrainians with access to health services, education and social protection.”

The funds will be used for paying wages of government and social workers, the bank said in the release, adding that of the total sum, nearly $2 billion had been disbursed so far.

In a separate release, titled Global Economic Prospects, the bank noted that "the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation."

"Global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022 – significantly lower than 4.1 percent that was anticipated in January," the report demonstrated.