World News | World Bank Mulls USD 350 Million Aid to Ukraine to Support Reforms

World News | World Bank Mulls USD 350 Million Aid to Ukraine to Support Reforms

Washington [US], February 19 (ANI): The World Bank is considering allocating up to USD 350 million to Ukraine to support reforms, the agency’s chief David Malpass said during a Saturday meeting with the Ukrainian President Volodymyr Zelenskyy.

“President Malpass affirmed that the World Bank is preparing quick disbursing budget support – for Board consideration by the end of March – of up to $350 million to support ongoing reforms,” the bank said in a statement following the meeting, reported Sputnik.

Also Read | Russia-Ukraine Crisis: Volodymyr Zelenskyy Calls on Vladimir Putin to Meet as Tensions Soar.

Malpass stressed that the assistance will be further rendered to Ukraine. Earlier, on Tuesday, the US also reaffirmed its strong commitment to the Ukrainian people and the Biden administration has offered a sovereign loan guarantee to Ukraine of up to USD 1 billion to support Ukraine’s economic reform agenda and continued engagement with the International Monetary Fund (IMF) amid Russia’s military buildup.

This offer – combined with the strong partnership between Ukraine, the IMF, other international financial institutions, the G7 and other bilateral donors – will bolster Ukraine’s ability to ensure economic stability, growth, and prosperity for its people in the face of Russia’s “destabilizing behaviour”, according to the official statement.

Also Read | Russia-Ukraine Crisis: NATO Temporarily Closes Office in Kiev, Relocates Staff to Brussels, Lviv.

Notably, tensions over Ukraine have increased in recent months as Russia and NATO are accusing each other of amassing troops on the Russian-Ukrainian border. The United States and Ukraine accuse Russia of preparing to invade the country. Meanwhile, Moscow denies the claims and maintains that it has no intention of attacking any country.

The conflict in Donbas between Ukraine’s government and the breakaway of Donetsk and Luhansk People’s Republics has been going on since 2014. The Minsk Agreements, designed to find a political resolution to the conflict, was negotiated by the leaders of France, Germany, Russia, and Ukraine — the Normandy group — in February 2015. However, the agreement has so far not been observed and sporadic clashes continue. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

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