Mar 8, 2022 - World

World Bank approves $723M emergency finance package for Ukraine

Rebecca Falconer

Ukrainian President Volodymyr Zelensky speaks during a press conference in Kyiv on March 3. Photo: Sergei Supinsky/AFP via Getty Images

The World Bank announced Monday a $723 million emergency financing package of loans and grants for Ukraine as the country battles the Russian military invasion.

By the numbers: This includes a $350 million loan supplement to an earlier World Bank loan, according to a statement from the financial institution.

What to watch: The loan is aimed at helping President Volodymyr Zelensky's government in providing "critical services to Ukrainian people, including wages for hospital workers, pensions for the elderly, and social programs for the vulnerable," per the statement.

What they're saying: "The World Bank Group stands with the people of Ukraine and the region," said World Bank president David Malpass in the statement.

"This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis."

Go deeper: World Bank halts programs in Russia, Belarus

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World Bank approves $723M emergency finance package for Ukraine

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