World Bank allocates new aid package to Ukraine

The World Bank has decided to allocate an additional $723 million to Ukraine to "get out of the emergency economic situation," Report informs citing UNIAN that this was reported on the bank's website.

In particular, the World Bank Board of Executive Directors approved a $489 million free additional budget support package for Ukraine: $350 million in loans from the International Bank for Reconstruction and Development, $80 million in guarantees from the Netherlands, and $50 million from Sweden.

Ukraine will also receive $134 million in grant funding: $100 million from the UK, $22 million from Denmark, and another $12 million from Latvia, Lithuania, and Iceland.

In addition, Japan will provide $100 million in parallel funding for the support package.

The World Bank is preparing another $3 billion assistance package for Ukraine, which should be provided in the coming months, as well as additional support for neighboring countries hosting Ukrainian refugees.