World Bank approves $732 Million loans and grants for Ukraine

The World Bank said on Monday that the board has approved a $ 723 million loan and grant package to Ukraine, providing the coveted government budget support as the country fights Russia's aggression.

In a statement, the world bank has said that it included an additional $ 350 million in previous World Bank loans, augmented by about $ 139 million with guarantees from the Netherlands and Sweden.

The World Bank's budget support loans usually do not impose restrictions on how funds are used, but banks provide "fast-disbursing" support to hospital workers, with the Ukrainian government providing essential services. He said he would help pay, fund pensions and continue the social program.

It also includes $ 134 million in grants from the United Kingdom, Denmark, Latvia, Lithuania and Iceland as part of a trust fund that will continue to accept grants on behalf of Ukraine. Japan has also provided $ 100 million in parallel loans.

The bank has also said that it was continuing to work on another $3 billion packages of support for Ukraine in upcoming months and additional support for neighbouring countries that are taking in refugees from Ukraine.