Tag Archives: Ukraine
Keeping Ukraine’s Private Sector Afloat—and Ready for Reconstruction
IFC’s Economic Resilience Action
In over a decade as a fitness instructor in Kyiv, Marina Smal has led nearly every kind of workout, from kids’ yoga to power stretching to strength training. At the fitness studio she and her partner established in 2019, she coordinated scores of classes and personal training sessions. It was exactly the kind of hectic, rewarding schedule she envisioned when the couple decided to invest in their own business.
World Bank Mobilizes Additional $4.5 billion for Ongoing Assistance to Ukraine
WASHINGTON, November 22, 2022—The World Bank Group today announced an assistance package for Ukraine of $4.5 billion in additional grant financing provided by the United States government. The grant is mobilized under the World Bank’s Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, which aims to help the Government of Ukraine sustain essential services and core government functions at the national and regional levels.
World Bank Mobilizes $4.5 billion in Additional Financing for Vital Support to Ukraine
WASHINGTON, August 8, 2022—The World Bank Group today announced $4.5 billion in additional financing mobilized for Ukraine under the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, which aims to help the Government of Ukraine meet urgent needs created by the ongoing war. The financing package is comprised of a $4.5 billion grant provided by the United States.
The additional financing will contribute to sustaining the government’s administrative and service delivery capacity to exercise core functions at the national and regional levels. Specifically, the project will help the Government of Ukraine to cover social payments, healthcare services, and pensions, which are essential for the well-being of the country’s citizens in mitigating the social and economic impacts of the war.
The Future of Government: What does it mean for infrastructure finance?
Recognizing that governments across the globe find themselves at an important inflection point—with overlapping crises such as the COVID-19 pandemic, the war in Ukraine and other conflicts, sharp economic slowdown, and the effects of climate change that will touch us all—the World Bank recently launched a report on The Future of Government.
A Conversation with David Malpass and Masood Ahmed
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)
Staying the course for women’s economic empowerment in MENA
These impacts are damaging ocean health and threatening the livelihoods of billions of people. They also point to a critical lack of governance globally of this precious resource.
Staying the course for women’s economic empowerment in MENA
The war in Ukraine could not have come at a worse time, eroding global economic prospects as much of the world struggles to emerge from the COVID-19 pandemic. Among the immediate impacts of the war has been the surge in commodity prices, raising concerns over food and energy security.
Helping Countries Cope with Multiple Crises
This year’s Spring Meetings of the World Bank Group and International Monetary Fund took place at a time of overlapping global crises. The war in Ukraine has compounded concerns about inflation, COVID-19, climate change, and debt, with many other countries also facing fragility and conflict.
The chair’s statement issued on Friday by the Development Committee, a ministerial-level forum that represents 189 member countries of the two organizations, noted that the impacts will be felt most in low- and middle-income countries, especially by their most vulnerable people, including women and children. The statement added that economic recovery is at risk amid geopolitical tensions, with investment, trade, and growth affected, even as countries face further risks from the pandemic and uneven deployment of vaccines.
Europe and Central Asia Economic Update
The Russian Federation’s war with Ukraine has triggered a catastrophic humanitarian crisis and threatened the stability of geopolitical relations. Economic output in the Europe and Central Asia region is forecast to contract by more than 4.1% in 2022—the second major shock and regional recession in two years. Moreover, the war has added to mounting concerns of a sharp global growth slowdown. The economic impact of the conflict has reverberated through multiple global channels, including commodity and financial markets, trade and migration links, and confidence. Neighboring countries in the Europe and Central Asia region are likely to suffer considerable economic damage because of their strong trade, financial, and migration links with Ukraine and Russia. Pandemic disruptions amid rising COVID-19 cases in some major economies have contributed to financial and commodity market volatility, and could ultimately weigh on global growth prospects. The war has also raised the likelihood of a destabilizing wave of refugees, widespread financial stresses among some emerging and developing economies, a de-anchoring of inflation expectations, and food insecurity. A protracted conflict is likely to heighten policy uncertainty and fragment global trade and investment networks. Policy makers need to ensure that they are better prepared to handle future crises as part of a commitment to a comprehensive approach to bolster resilient, inclusive, and green development. They should fortify their macroeconomic policy buffers and institutions to strengthen stability; promote an inclusive and more equal recovery by strengthening their social protection systems to protect the most vulnerable, including the refugees; and keep their focus on improving energy efficiency and green transition to secure a sustainable future.
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