The funds were approved by the International Development Association, the arm of the World Bank that provides grants and loans to the world’s poorest countries. The bank has also been working to provide aid to hospital workers and the elderly in Ukraine and to support refugees. It has committed to helping Ukraine rebuild after the war.
The World Bank has already started to disburse nearly USD 1 billion of aid that was previously approved. The additional USD 1.5 billion will need final approval from the bank’s board of directors.
The war in Ukraine had darkened the outlook for the global economy, which had already been coping with high inflation and disrupted supply chains because of the pandemic.
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