The World Bank Sanctions US$610 Million as Urgent Relief for Ukraine

Written by: Arjita Gupta

Edited by: Anjali Kalan

Last Updated: 2022-12-21 22:08:04

As the war with Russia continues for Ukraine, the World Bank sanctioned a US$610 million package. This includes a loan of US$500 million from IBRD (International Bank for Reconstruction and Development). There is an initiative for a new project focused on improving healthcare access and its restoration and response to war-related medical care and service needs, supported by Britain as a guarantee.

The World Bank has previously arranged an US$18 billion finance. Out of this amount, US$15 billion has been already provided to Ukraine. David Malpass, the World Bank Group President said in a statement that the invasion of Ukraine by Russia has led to devastating humanitarian and economic consequences.

And this has caused a huge impact on the energy infrastructure, health sector, and transport networks. The World Bank also informed that a loan from IBRD of US$500 million for the PEACE (Public Expenditures for Administrative Capacity Endurance) project will assist with expenses for utility payments, salaries of public employees, and family and child benefits.

The HEAL (Health Enhancement and Life-saving) Ukraine project will utilize the rest of the US$110 million to strengthen and enhance primary healthcare to meet the demands for rehabilitation and mental health services because of the war and increase as well as restore hospital services, which are running low on capacity at the moment.

A loan from IBRD funded initially 100 million euros for the project. This was supported by the Global Financing Facility for Women, Children, and Adolescents (GFF) through a US$10 million grant and a guarantee from the Government of Spain. With US$10 million grant from URTF (Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund), the project funds can grow to US$500 million.

The costs for recovery in war-affected Ukraine have risen because Russia targeted civilian infrastructure. Thus, the estimate by the World Bank which was about US$350 billion for recovery, has fallen short. A great number of healthcare facilities stand destroyed in Ukraine due to which, the citizens are unable to afford necessary medical amenities.

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