World Bank to provide largest ever financial support to low income countries due to Russia’s invasion of Ukraine

World Bank to provide largest ever financial support to low income countries due to Russia’s invasion of Ukraine

Ukrinform
The World Bank will provide $170 billion over the next 15 months in support to the low income countries faced with economic hardship as a result of Russia’s invasion of Ukraine.

The relevant statement was made by UK Foreign Secretary Liz Truss, an Ukrinform correspondent reports.

“The UK and our partners have secured the largest ever World Bank financial commitment to low income countries around the world. It will provide $17 billion over the next 15 months with $50 billion delivered by the end of June, supporting countries faced with economic hardship as a result of Russia’s invasion of Ukraine,” the report states.

According to Truss, Russia’s bombardment across Ukraine has brought exports from the world’s breadbasket almost entirely to a halt, leading to steep price rises and jeopardising livelihoods across the globe.

“Through this support we are standing together with the most vulnerable countries in the face of Russian barbarism. The UK has led by stepping up our support through the World Bank, including nearly $1 billion in loan guarantees so the Bank can lend more to Ukraine without taking resources away from rest of world,” Truss noted.

A reminder that Ukrainian Finance Minister Sergii Marchenko has signed an agreement with the World Bank to provide Ukraine with a grant of EUR 88.5 million.

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