World Bank Board of Directors approves $1.49 billion in new funding for Ukraine

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The World Bank Board on Tuesday approved $1.49 billion in additional financing for Ukraine to help pay wages for government and social workers, expanding the bank’s pledged support to more than $4 billion .

The World Bank said in a statement that the latest funding is backed by funding guarantees from Britain, the Netherlands, Lithuania and Latvia. The project is also supported by parallel funding from Italy and contributions from a new multi-donor trust fund.

Ukraine has said it needs at least $5 billion a month in the short term to keep its government running amid February’s invasion by Russia and fighting that has crippled large parts of its economy.

Financial leaders of the Group of Seven Industrial Democracies pledged $9.5 billion in new funds last month, bringing their non-military support to almost $20 billion.

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The World Bank has worked with donor countries to support health, education, social services, electricity, water, and roads through its various financing programs.

The core services are “essential to prevent further deterioration of living conditions and poverty in Ukraine beyond the suffering caused by the war,” Arup Banerji, World Bank country director for Eastern Europe, said in a statement.

Such services would also be “the bedrock of every recovery and reconstruction,” Banerji added.

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