World Bank to create special trust fund to support Ukraine

stock photo: getty images

The World Bank Board of Directors approved the creation of a special financial trust fund for Ukraine valued at least US$10 billion.

Source: Ukraine’s Prime Minister Denys Shmyhal on Telegram

Quote: “The main donors will be the United States and several other countries, and in the future the size of the fund may be increased when other donors join it,” Shmyhal said.

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According to him, the cash will be used to support the state budget, specifically wages and social spending, as well as crucial recovery needs.

Background: The EU Council has agreed to offer Ukraine a macro-financial aid package of up to €35 billion as part of a loan from the G7, using earnings from the Russian Federation’s frozen assets.

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