On May 26th 2022, World Bank Group’s President, David Malpass, and Masood Ahmed, President of the Center for Global Development, will hold a conversation about the array of global shocks, their impact on the most vulnerable communities—and the response they urgently demand.
From conflict to COVID to climate change, overlapping crises have created unprecedented challenges for developing countries. Debt vulnerabilities, rising inflation, higher energy prices and food insecurity are threatening to reverse development gains. These growing challenges require decisive policy action and sustained international cooperation on multiple fronts to ensure economic conditions improve in all countries, especially the poorest. David Malpass and Masood Ahmed will exchange views on macroeconomic and political instability; and what is required for economic transformation.
The Way Forward is an occasional series of in-depth discussions on development challenges and innovative solutions, hosted by World Bank Group David Malpass.
May 26th, 10:00 AM EDT (local time)
Financing will support essential social services; combined total of World Bank-mobilized support for Ukraine now stands at more than $925 million
WASHINGTON, March 14, 2022— The World Bank today announced nearly $200 million in additional and reprogrammed financing to bolster Ukraine’s social services for vulnerable people. This comes on top of the $723 million mobilized for Ukraine and its people last week, of which $350 million has already been disbursed to Ukraine. This financing is part of the $3 billion package of support that the World Bank Group previously announced it is preparing for Ukraine over the coming months.
The combined total of support mobilized by the World Bank for Ukraine now stands at more than $925 million. As part of the mobilization efforts, Austria has contributed €10 million ($11 million equivalent) to the multi-donor trust fund (MDTF) set up by the World Bank to facilitate channeling grant resources from donors to Ukraine. This raises the current MDTF total to $145 million.
“The ongoing war continues to have severe human costs and has created financing gaps that jeopardize the ability of vulnerable people in Ukraine to meet basic needs,” said World Bank Group President David Malpass. “This rapid support will help to bridge those gaps during a time of extreme disruption as we work on broader support efforts for Ukraine and the region.”
While the full impact remains uncertain, the Russian invasion of Ukraine is causing a growing number of civilian casualties, destroying livelihoods, and damaging critical civilian infrastructure, including homes, water and sanitation, schools, health facilities and highways.
The World Bank in Ukraine