Cross-border shelling has killed at least 70 civilians, including children, rescue workers and journalists
world1 day ago
The World Bank on Friday announced $2.5 billion in additional grant financing from the US Agency for International Development (USAID )to support Ukraine's budget and maintain essential services.
The latest financing under the World Bank's Public Expenditures for Administrative Capacity Endurance in Ukraine(PEACE) project lifts the total to $20.6 billion and will support salaries in core government functions and sectors such as healthcare and education while allowing Kyiv to pay pensions and support internally displaced people.
"One year into Russia’s invasion of Ukraine, the world continues to witness the horrific destruction inflicted on the country and its people,” said World Bank Group President David Malpass.
He said that $18.5 billion of the total funds mobilised had been disbursed, reaching more than 12 million Ukrainians.
ALSO READ:
The additional funding was announced a day after US Treasury Secretary Janet Yellen said that Washington was preparing an additional $10 billion in economic assistance for Ukraine and called on the International Monetary Fund to pull together a loan programme for Ukraine.
Ukraine is seeking a $15 billion multi-year IMF package.
The World Bank-facilitated financing under the PEACE programme is set up to minimise the risk of corruption. The World Bank transmits funds to cover Ukraine's expenditures a month after they are made, once it has verified that the money has gone to the government employees, pensioners and other recipients.
The latest USAID funds will be transmitted to the government of Ukraine after the World Bank verifies eligible expenditures.
The total of $20.6 billion in emergency financing comes from commitments and pledges from, the United States, Britain, the Netherlands, Spain, Norway, Germany, Canada, Switzerland, Sweden, Denmark, Austria, Finland, Ireland, Lithuania, Latvia, Iceland, Belgium, and Japan.
Cross-border shelling has killed at least 70 civilians, including children, rescue workers and journalists
world1 day ago
Northeastern University in Boston says the action was taken after some protesters resorted to virulent anti-Semitic slurs
world1 day ago
Alongside regional leaders, US Secretary of State Antony Blinken will attend the meetings
world1 day ago
The Argentinian's beauty got many looking for the 'fountain of youth': She can't be that old, Netizens say
world1 day ago
A plea moved in court stated that no one is permitted to wear the official state institution outfit
world2 days ago
The ruins in the middle of Pantabangan Dam in Nueva Ecija province are a tourist draw, even as the region swelters in extreme heat
world2 days ago
Friday's polling will be held for 88 of the total 543 seats in the lower house or Lok Sabha of Parliament with 160 million people eligible to vote
world2 days ago
Kerala will decide the fate of 194 candidates as polling on all 20 parliamentary constituencies will be held in the second phase
world3 days ago