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World Bank Is Preparing to Send $1.5 Billion to Help Ukraine

Image source: https://www.reuters.com/business/world-bank-chief-says-report-pressure-alter-data-speaks-itself-2021-09-20/ 

The World Bank plans to deliver a $1.5 billion aid package to Ukraine to maintain critical state services during Russia’s offensive.

The amount was recently approved by the International Development Association, which provides financial support to emerging countries. 

As the World Bank president David R. Malpass mentioned, the institution has significantly been helping hospital staff across Ukraine, older people and refugees from Ukraine cope with the Russian invasion.

“The World Bank was created in 1944 to help Europe rebuild after World War II,” Malpass shared during a speech at the Warsaw School of Economics in Poland. “As we did then, we will be ready to help Ukraine with reconstruction when the time comes.”

Also, Malpass marked an overwhelming influence of the war in Ukraine on the global economy when it had been tackling a post-pandemic crisis with high inflation and destabilized supply chains. The World Bank president predicts such enduring issues as devaluation and rising prices this year, especially in developing countries.

Also read:UN Voted to Suspend Russia from Human Rights Council over War Crimes in Ukraine

Ninety-three member countries voted in favor of the resolution, while 24 nations voted against it, and 58 countries abstained. Russ...

Article by Yevheniia Savchenko

Yevheniia Savchenko is a Legal Writer at Lawrina. Yevheniia browses through the most interesting and relevant news in the legal and legaltech world and collects them on Lawrina’s blog. Also, Yevheniia composes various how-to guides on legaltech, plus writes product articles and release notes for Loio, AI-powered contract review and drafting software.

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