During a Saturday meeting with Ukrainian President Volodymyr Zelenskyy, World Bank President David Malpass said the bank is considering contributing up to USD 350 million to Ukraine to promote reforms.
“President Malpass affirmed that the World Bank is drafting a $350 million budget assistance package for Board consideration by the end of March to support ongoing reforms,” the bank said in a statement after the meeting, according to Sputnik.
Malpass emphasised that Ukraine will continue to receive support. On Tuesday, the US reaffirmed its strong commitment to the Ukrainian people, and the Biden administration offered Ukraine a USD 1 billion sovereign loan guarantee to support Ukraine’s economic reform agenda and continued engagement with the International Monetary Fund (IMF) in the face of Russia’s military buildup.
According to the official statement, this offer, when combined with Ukraine’s strong partnership with the IMF, other international financial institutions, the G7, and other bilateral donors, will strengthen Ukraine’s ability to ensure economic stability, growth, and prosperity for its people in the face of Russia’s “destabilising behaviour.”
Particularly, tensions over Ukraine have risen in recent months, with Russia and NATO accusing one another of amassing troops on the Russian-Ukrainian border. Russia is accused by the US and Ukraine of planning an invasion of the country. Meanwhile, Moscow refutes the allegations, claiming that it has no plans to attack any country.
Since 2014, the conflict in Donbas has raged between Ukraine’s government and the breakaway Donetsk and Luhansk People’s Republics. In February 2015, the leaders of France, Germany, Russia, and Ukraine — the Normandy group — negotiated the Minsk Agreements, which aimed to find a political settlement to the war. However, the deal has yet to be implemented, and there are still intermittent conflicts.
