World Bank Announces To Provide $3 Billion Emergency Aid Package To Ukraine

New Delhi: In a bid to help war hit Ukraine to cope with the challenges, the World Bank has offered a helping hand as it announced $3 million aid package for war-torn country in the coming months.

Apart from World Bank, the International Monetary Fund (IMF) is too considering requests for emergency financing.

Some reports claimed that this package will include at least $350 million in immediate funds.

The announcement was made in a joint statement by World Bank President David Malpass and IMF Managing Director Kristalina Georgieva on Tuesday.

"The first tranche of the aid will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education," said World Bank President Malpass in a joint statement with IMF Managing Director Georgieva.

Following the war on Ukraine, the International Monetary Fund and World Bank in recent days had pledged to provide support to former country.

According to the statement, the IMF, which has an ongoing $2.2 billion financing program with the country through June, will consider the country's latest request for emergency financing "as early as next week".

"We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine," they said, noting the "significant spillovers to other countries" including higher commodity prices that "risk further fueling inflation," the statement added.

The statement further said that the economic sanctions imposed on Russia will also have a significant economic impact.

Also read: Know About Putin's Bihari Legislator Who Justified War Against Ukraine

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