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World Bank preparing $1.5 billion aid package for Ukraine

12 April 2022 17:28 (UTC +04:00)

The World Bank is preparing a $1.5 billion support package for war-torn Ukraine, including a $1 billion payment from the development lender's fund for the poorest countries, World Bank President David Malpass said on Tuesday, APA reports citing Reuters.

Malpass, speaking in Warsaw, said the package was enabled by Monday's approval of $1 billion in International Development Association (IDA) aid by donor and recipient countries as well as a $100 million IDA payment to neighboring Moldova.

In remarks ahead of next week's World Bank and International Monetary Fund Spring Meetings, Malpass said the bank's support was helping Ukraine provide critical services, including paying wages for hospital workers, pensions and social programs.

"The World Bank was created in 1944 to help Europe rebuild after World War II. As we did then, we will be ready to help Ukraine with reconstruction when the time comes," Malpass said.

The plan still needs full approval by the World Bank's board of directors in coming weeks, a World Bank spokesperson said.

Malpass did not specify the source of the additional $500 million for Ukraine.