World Bank Prepares $350 Million Disbursement for Ukraine, Pledges Increased Support | Money

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The World Bank Group logo is seen on the building of the Washington-based global development lender in Washington on January 17, 2019. – AFP pic

WASHINGTON, Feb. 20 – The World Bank Group announced on Saturday that it is preparing a US$350 million (RM1.47 billion) disbursement to Ukraine that the group’s board will review by the end of March as part of a short and long term plan. term financing for the country.

During a meeting with Ukrainian President Volodymyr Zelenskiy on Saturday, World Bank President David Malpass said the group would continue to support the Ukrainian people and economy for short- and long-term financing needs, the group said in a statement.

The leaders met in Munich as Russia’s strategic nuclear forces held drills overseen by President Vladimir Putin and Washington accused Russian troops near the Ukrainian border of being “on the verge of strike”.

The initial funds from the World Bank would be followed by additional budget support and further reforms, including in the areas of energy and climate, the statement said. Malpass and Zelenskiy also discussed a pipeline of projects for Ukraine, including energy efficiency, infrastructure, railways and strengthening the economy and job opportunities in eastern Ukraine.

On Monday, the World Bank and the International Monetary Fund said they had temporarily relocated some of their staff from Ukraine as concerns about a possible Russian invasion grew, even as their lending and support activities to the country slowed down. were continuing.

Over the past year, the World Bank has suspended operations with several countries where coups have been staged, including Myanmar and Sudan. —Reuters

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