On the night of March 8, the World Bank's Board of Executive Directors (WB) approved a $ 489 mln free package of additional budget support, "Financing for Recovery in a Difficult Economic Situation in Ukraine (FREE Ukraine)."
Taking into account other assistance, its total amount will exceed $ 700 mln, according to the WB website.
"Rapid support will help the government provide critical services to Ukrainian citizens, including paying salaries to hospital staff, pensions for the elderly and social benefits for vulnerable groups," the release said.
The package includes a $ 350 mln loan, increased by about $ 139 mln guarantees from the Netherlands and Sweden.
The aid also includes grants of $ 134 mln from the United Kingdom, Denmark, Latvia, Lithuania and Iceland, as well as $ 100 mln from Japan.
"The WB Group is taking swift action to support Ukraine and its people in the face of the violence and extreme unrest caused by the Russian invasion. The WB Group is supporting the people of Ukraine and the region. This is the first of many steps we are taking to help overcome far-reaching human and the economic consequences of this crisis, "said WB President David Malpass.
WB is preparing another package of assistance to Ukraine for $ 3 bln, which should be provided in the coming months, and additional support to neighboring countries which are hosting Ukrainian refugees.