Russia vs Ukraine War: World Bank Ready to Provide IDR 10 Trillion Aid for Ukraine

The World Bank has approved an aid package of US$723 million or Rp. 10 trillion (with an average exchange rate of Rp. 14,385 per US dollar) in the form of loans and grants for Ukraine, which is currently fighting against the Russian invasion. The World Bank said it would continue to work on another $3 billion support package in the coming months for the country. The World Bank has also pledged extra assistance to neighboring countries that have received more than 1.7 million refugees, most of whom are women, children and the elderly. The financial package for Ukraine includes a pledge of US$100 million (Rp1.4 trillion) from the UK. “The World Bank is taking swift action to support Ukraine and its people in the face of the extreme violence and disruption caused by the Russian invasion,” said World Bank President David Malpass.

 

The World Bank said the fund would help the Ukrainian government provide essential services, including wages for hospital workers, pensions for the elderly and social programs for vulnerable groups. The package includes a loan of US$350 million or equivalent to Rp5 trillion, plus about US$139 million or Rp1.9 trillion through guarantees from the Netherlands and Sweden. The aid also consisted of US$134 million (Rp1.9 trillion) in grants from the UK, Denmark, Latvia, Lithuania and Iceland, as well as US$100 million (Rp1.4 trillion) in funding from Japan.