US funnels another $4.5bn to Ukraine through WB

WASHINGTON: The World Bank  announced it was mobilizing another $4.5 billion in US-provided financial support for war-torn Ukraine.

The funds will help Kyiv pay for services and pensions, key to easing economic impacts of the Russian invasion, the bank said in a statement.

“This economic assistance is critical in supporting the Ukrainian people as they defend their democracy against Russia’s unprovoked war of aggression,” US Treasury Secretary Janet Yellen said in a statement.

The latest tranche of aid, most of which will be disbursed this month, is part of $8.5 billion in total US support “which is helping Ukraine’s government keep hospitals, schools, and other critical government services for the people of Ukraine.”

The World Bank said the funding goes to the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) project, part of the multi-billion-dollar package to help the country.