WASHINGTON, Aug 9 (NNN-AGENCIES) — 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.
“Ukraine needs continued government services, including health, education, and social protection to prevent further deterioration in living conditions and poverty,” World Bank President David Malpass said.
The country is currently running a budget deficit that is growing by $5 billion every month, exacerbated by its inability to raise funds or to access financing on external markets.
Allies have rushed to pump Ukraine with aid, with the G7 and the European Union also announcing commitments of $29.6 billion in further money for Kyiv.
Meanwhile, the US Pentagon announced $1 billion in fresh military aid for Ukraine, including additional precision
missiles for the Himars system that have helped Kyiv’s forces attack Russian troops far behind the front lines.
The package also includes more surface-to-air missiles for defense against Russian aircraft and rockets, more Javelin anti-armor rockets, and other ammunition, according to a statement from the US Department of Defense.
“These are all critical capabilities to help the Ukrainians repel the Russian offensive in the east, and also to address evolving developments in the south and elsewhere,” said Under Secretary of Defense Colin Kahl.
It took to $9.1 billion the amount of security assistance the United States has provided Ukraine since Russia invaded the country on Feb 24.
“The United States stands with allies and partners from more than 50 countries in providing vital security assistance to support Ukraine’s defense of its sovereignty and territorial integrity against Russia’s aggression,” said Secretary of State Antony Blinken.
“We will continue to consult closely with Ukraine and surge additional available systems and capabilities, carefully calibrated to make a difference on the battlefield and strengthen Ukraine’s eventual position at the negotiating table,” Blinken said in a statement. — NNN-AGENCIES
