World Bank announces $750 million support package for Ukraine

Kawundo.com

The World Bank has announced a $750 million support package for Ukraine, it announced on Nov. 7.

As the ongoing full-scale Russian invasion continues to put pressure on Ukraine's economy and business, the World Bank plays a crucial role in supporting the country's economic sector.

Since February 2022, Ukraine has received over $37 billion in budget support through World Bank partnerships.

The new funds will be provided within the framework of the SURGE project, which is aimed at supporting the institutional reforms necessary for joining the EU.

"It is remarkable to see that despite the devastating damage that Ukraine is experiencing during the third year of the war, all state institutions operate without disruptions, and key state services are provided to citizens in full capacity,"Bob Saum, World Bank country director for Eastern Europe, said in a statement.

"As the country moves forward, it will be necessary to develop its capacity for long term development, prepare for European Union accession, manage public infrastructure projects and public finances effectively, and enhance revenue administration."

Ukrainian Prime Minister Denys Shmyhal welcomed the news in a post on Telegram.

"We are grateful to the leadership of the World Bank and our international partners for this important support to Ukraine in the conditions of a full-scale war unleashed by Russia," he said.

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