On Tuesday, World Bank President David Malpass sharply condemned Russia’s entry into Ukraine.
Hundreds of people have died as a result of the conflict, which began on February 24. More than 4 million people have left, making this Europe’s biggest refugee crisis since World War II.
Malpass gave a speech on Tuesday before the IMF-WBG Spring Meetings in 2022, outlining how conflict, COVID-19, and climate change are posing unprecedented problems for poor countries.
According to Malpass, “been deeply shocked and horrified at Russia’s invasion of Ukraine, the atrocities committed” against citizens, resulting in the loss of life and livelihood.
The attacks on people and infrastructure, according to the President, are inflicting great hardship, compromising world peace and security, and jeopardizing basic social and economic demands.
“I’m pleased to announce today that the World Bank is currently preparing a $1.5billion operation for Ukraine to support continuation of essential government services during the war”, he announced.
The grant was made possible, according to the institution, by IDA donor and recipient nations’ ratification of $1 billion in IDA19 funding for Ukraine and $100 million for Moldova.
Malpass stated that the World Bank has aided Ukraine in providing crucial services to its citizens, such as wages for hospital personnel, pensions for the aged, and social programs for the defenseless, since the invasion.
“Through IFC, we have provided immediate working capital for companies providing supplies to Ukraine”, he added.
The organization’s more than 180 member countries are striving to help refugees return home, communities assimilate Ukrainians and the millions of others who have been displaced.
Malpass revealed that the war’s effects, such as a rise in food and energy costs, are being studied, as well as plans for a crisis response that will aid developing countries.