“We are preparing a support package of $3 billion in the coming months, starting with (…) a rapid disbursement of at least $350 million, which will be submitted to the Board of Directors for approval this week. “, announced the WB in a joint press release with the International Monetary Fund (IMF). This disbursement will be followed by $200 million “for health and education”, she said.
“We are deeply shocked and saddened by the devastating human and economic toll of the war in Ukraine”, underline the World Bank and the IMF, which intend to increase “as a matter of urgency” their aid to Kiev.
The World Bank has specified that its aid package will include “the mobilization of financing from several development partners”.
For its part, the IMF stresses that it will use “its rapid financing instrument” that its board of directors might examine “from next week”.
The Fund also recalls that 2.2 billion dollars will already be available “by the end of June” under another instrument called “stand-by agreement”.
This agreement is used to respond “quickly to the external financing needs of countries and to support policies intended to emerge from crisis situations”.
The World Bank and the IMF fear the economic fallout on other countries.
“Commodity prices are being pushed up and risk further fueling inflation, which hits the poor hardest,” they note, warning that “disruptions in financial markets will continue to escalate. worsen if the (Russian-Ukrainian) conflict persists”.
