World Bank Announces $1.5Billion Aid for Ukraine

The World Bank announced an additional $1.5 billion in aid to Ukraine on Tuesday, bringing the total planned aid package to over $4 billion. 

Russia’s invasion of Ukraine in late February caused a humanitarian crisis and ravaged the country's economy, destroying infrastructure and blocking major grain exports, as well as eroding the government's ability to pay bills. 

The new funds will be used to pay wages for government and social workers, the development lender said in a statement, noting that nearly $2 billion has already been disbursed with the new funds.

Bank President David Malpass said in a statement, “The World Bank is providing continuing support for Ukraine and its people in the face of the ongoing war.” However, President of Ukraine Volodymyr Zelensky has said that the country needs a total of $7 billion a month in order to continue functioning.