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World Bank approves 1.49 billion dollars for Ukraine

World Bank approves 1.49 billion dollars for Ukraine

The World Bank’s executive board has ratified on Tuesday an extra fund of 1.49 billion dollars for Ukraine which are currently in a war with Russia.

The world Bank has increased its pledged monetary support to over four billion dollars. They said these funds would be given to Ukraine to enable the country to reimburse their government and pay social workers’ allowances

In a statement given by the World Bank, they made known the source of the funding which came from financial grants from countries like Britain, the Netherlands, Lithuania, Latvia, and Italy and also donations from a new Multi-Donor Trust Fund.

The Group of Seven industrial democracies had also promised through their finance leaders an additional 9.5 billion dollars in fresh resources which would amount to their non-military support to almost twenty billion dollars.

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Ukraine has said that it would need at least five billion dollars per month to keep the government running because major parts of its economy had been closed down during Russia’s invasion of the country in February.

The World Bank has been in active cooperation with contributing countries to utilize its numerous financing programs to aid health care, education, social services, electricity and water supplies, and roads

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