April 18, 2022

More countries are expected to announce contributions to help war-torn Ukraine maintain its government through the World Bank’s multi-donor trust fund and parallel funds this week, World Bank President David Malpass said on Monday.

Malpass said the World Bank was working during spring meetings of the World Bank and International Monetary Fund to put together a $3 billion package of aid to help Ukraine maintain essential government services.

The situation was “rapidly evolving,” he said and predicted more bilateral announcements on humanitarian assistance and other aid this week, without providing further details.

Malpass said the bank had quickly disbursed about $600 million of an initial $1 billion in aid promised for Ukraine, and was now working to raise another $1.5 billion in bank funds that still needed to be approved by its board.

“There will be other components making up the $3 billion that we originally announced six weeks ago or so,” Malpass told reporters, noting that the bank’s International Finance Corp was also providing working capital and trade finance for companies doing business in Ukraine.

U.S. President Joe Biden told Ukrainian President Volodymyr Zelenskiy last month that the United States would provide $500 million in direct budgetary assistance.

Malpass said members would also discuss the next phase of financing for Ukraine’s reconstruction efforts this week.

Ukrainian Prime Minister Denys Shmyhal on Sunday confirmed that he and other top Ukrainian finance officials will visit Washington to seek more financial assistance.

Reuters reported on Friday that they would participate in a roundtable on Ukraine to be hosted by the World Bank this coming Thursday.

REUTERS