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World Bank suspends all its programs in Russia and Belarus

Due to the ongoing Russian invasion of Ukraine.

World Bank suspends all its programs in Russia and Belarus

The World Bank has suspended all its programs in Russia and Belarus because of "Russia's ongoing invasion of Ukraine." This was reported on the website of the financial structure.

"The World Bank Group has not approved any new loans or investments in Russia since 2014," the financial institution said in its statement on Wednesday. "Since mid-2020, no new loans to Belarus have been approved as well."

In a statement issued on Tuesday, Kristalina Georgieva, managing director of International Monetary Fund (IMF), and David Malpass, president of World Bank Group, said, "we are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine." 

"Our institutions are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support," the statement said.

"The World Bank and the IMF are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world," they added.

"Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead. This crisis affects the lives and livelihoods of people around the world, and we offer them our full support."

It is worth noting that the World Bank is preparing a payment to Ukraine in the amount of $350 million that will be submitted to the Board this week.

Last week, a World Bank adviser became the first Russian official who resigned from a senior position in an international body to protest the war.

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