World Bank issues USD 1.5 billion loan to Ukraine

Washington [US], June 30 (ANI): The World Bank’s press service said on Friday that the board of directors of the International Monetary Fund (IMF) approved a USD 1.5 billion loan to Ukraine, reported the Russian News Agency TASS.

Moreover, according to the statement, the funds “will help provide relief to households and mitigate the impacts” of Russia’s special military operation, TASS reported.
The loan is guaranteed by the government of Japan as part of the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine) initiative.

Earlier this week, at least four people, including a child, were killed and several others were injured on Tuesday evening when a Russian missile struck a bustling location in the middle of Kramatorsk in eastern Ukraine, reported CNN citing local authorities.

Soon after the strikes, emergency services were at the scene helping the injured.

Last year, the World Bank on Monday approved a USD 723 million package of loans and grants for Ukraine, providing government budget support.

The international lender approved a supplemental budget support package for Ukraine, called Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – for USD 489 million, the bank said in a statement.

The bank also informed that the initial World Bank support was increased with guarantees from the Netherlands for 80 million euros (USD 89 million equivalent) and Sweden for USD 50 million.

By now, the global organization has mobilized over USD 37.5 billion to help Ukraine meet its basic needs.