15 Mar 2022 08:58

World Bank announces allocation of additional assistance to Ukraine

WASHINGTON. March 15 (Interfax) - The World Bank has announced the allocation of an additional $200 million in assistance to Ukraine.

"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," the World Bank said in a statement.

This financing is part of the $3 billion package of support that could be ready "over the coming months," it said.

World Bank Group President David Malpass said at an event organized by The Washington Post that the anti-Russian sanctions will have "a bigger impact" on the world economy than Russia's operation in Ukraine, noting that the crisis would also impact global economic recovery after the Covid-19 pandemic and would lead to a reduction of global GDP.

At the same time, he said, one can expect a significant increase in deliveries of energy sources and food from countries other than Russia and Ukraine, a move that could ease the impact of price spikes caused by the current situation.

Malpass also warned people and businesses against hoarding food and gasoline.

"The right thing to do in these current circumstances is not to go out and buy extra flour or extra gasoline, it's to recognize that the world is a dynamic global economy and will respond. There'll be enough to go around," he said.

Malpass expressed hope that developed economies such as the U.S. and Canada have sufficient potential to considerably increase supplies in order to ease this decline in production.