World Bank readies $350 million Ukraine disbursement, pledges more support

World Bank readies $350 million Ukraine disbursement, pledges more support

• By Staff Writer

In a meeting with Ukrainian President Volodymyr Zelenskiy on Saturday, World Bank President David Malpass said the group will continue to support the Ukrainian people and economy for short- and long-term financing needs, the group said in a statement.

The leaders met in Munich as Russia's strategic nuclear forces held exercises overseen by President Vladimir Putin and Washington accused Russian troops near Ukraine's borders of being "poised to strike".

The initial funds from the World Bank would be followed by further budget support and more reforms, including in the energy and climate areas, the statement said. Malpass and Zelenskiy also discussed a pipeline of projects for Ukraine, including energy efficiency, infrastructure, railways, and strengthening the economy and job opportunities in eastern Ukraine.

On Monday, the World Bank and International Monetary Fund said they had temporarily relocated some staff from Ukraine amid rising concerns about a potential Russian invasion, even as their lending to and support work for the country continued.

Over the last year, the World Bank has suspended operations with several countries where coups were staged, including Myanmar and Sudan.