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HomeNewsWorld Bank approves $1.5 Billion loan for Ukraine's economic recovery

World Bank approves $1.5 Billion loan for Ukraine’s economic recovery

The World Bank’s press service said on Friday that the board of directors of the International Monetary Fund (IMF) approved a USD 1.5 billion loan to Ukraine.

As reported by ANI citing TASS, the funds “will help provide relief to households and mitigate the impacts” of Russia’s special military operation.

The loan provided to Ukraine is backed by the government of Japan through the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine) initiative.

CNN, citing local authorities, reported earlier this week that a Russian missile struck a crowded area in Kramatorsk, located in eastern Ukraine. The incident resulted in the tragic deaths of at least four individuals, including a child, while several others sustained injuries.

Following the missile strikes, emergency services promptly arrived at the location to provide assistance to the injured individuals.

In the previous year, the World Bank approved a package of loans and grants amounting to USD 723 million for Ukraine. This financial support was intended to provide budgetary assistance to the Ukrainian government.

Moreover, the bank said in a statement that the international lender approved a supplemental budget support package for Ukraine, called Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – for USD 489 million.

Additionally, the World Bank announced that the initial support provided to Ukraine was augmented by guarantees from the Netherlands, amounting to 80 million euros (equivalent to USD 89 million), and Sweden, with a contribution of USD 50 million.

To date, the World Bank has mobilized a total of more than USD 37.5 billion to assist Ukraine in fulfilling its essential requirements.

(With inputs from agencies)

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Updated: 30 Jun 2023, 01:26 PM IST

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