World Bank approves $ 723 million loan, aid to Ukraine

The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing desperately needed government budget support as the country battles a Russian invasion.

The World Bank’s budget support loans typically do not carry restrictions on how the funds can be spent, but the bank said the “fast-disbursing” support will help Ukraine’s government provide critical services, pay hospital workers, fund pensions and continue social programs.

“The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion,” World Bank President David Malpass said in a statement.

The bank said it was continuing to work on another $3 billion package of support for Ukraine in coming months and additional support for neighboring countries that are taking in Ukrainian refugees, now exceeding 1.7 million, mostly women, children and the elderly.