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World Bank raises $723 million emergency financing package for Ukraine

The Board of Executive Directors of the World Bank (WB) has approved a $489 million package of additional budgetary support called Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine. This package consists of a supplemental loan of $350 million and guarantees of $139 million.

Grant financing of $134 million and parallel financing of $100 million are also being mobilized, resulting in total support of $723 million.

"This fast-disbursing support will help the government provide critical services to Ukrainian people, including wages for hospital workers, pensions for the elderly, and social programs for the vulnerable." is noted in the WB report.

Recall that in a joint statement by the IMF and the WB on March 2, it was stated that the WB group is preparing a $3 billion support package for Ukraine in the coming months, starting with an accelerated provision of at least $350 million to support the budget. The allocation of these funds should have been approved within a week. After that, $200 million in fast-disbursing support for health and education will be allocated.

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