World Bank Preparing $3 Billion Support Package for Ukraine

(Bloomberg) -- The World Bank is preparing $3 billion in funding for Ukraine as it works with the International Monetary Fund to support the country following its invasion by Russia.

The World Bank's board will consider a fast-disbursing budget support operation for at least $350 million that will be submitted this week, followed by $200 million in support for health and education, the two institutions said in a joint statement on Tuesday.

Read more: IMF Ukraine Loan Payout Jeopardized by Invasion Uncertainty

The IMF board could consider as early as next week Ukraine's request for emergency money through the Rapid Financing Instrument, the Washington-based institutions said. That would come mostly without the conditions on the borrower country normally required by the fund.

The IMF also said that it continues to work on a review of Ukraine's 2020 loan, $2.2 billion of which remains to pay out. Board members last week questioned whether they have leeway under fund rules to approve more disbursements based on the political and economic uncertainty caused by the war, according to people familiar with the matter.

“Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead,” the institutions said. “This crisis affects the lives and livelihoods of people around the world, and we offer them our full support.”

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