Jim Yong Kim (Associated Press)
Washington:
The World Bank said Thursday it is prepared to provide up to $2 billion in financial assistance to conflict-torn Ukraine this year, part of an international package of support.
"Today I am announcing that the World Bank is ready to commit up to $2 billion in 2015, supporting the people of Ukraine in the face of current economic, financial, and geopolitical challenges," said World Bank President Jim Yong Kim in a statement.
The World Bank pledge came hours after a cease-fire agreement between Ukraine and pro-Russian separatists was announced in Minsk.
Earlier Thursday, International Monetary Fund chief Christine Lagarde announced a preliminary deal on a new financial rescue for Ukraine worth $17.5 billion.
Lagarde said that, in total, Ukraine would receive $40 billion in assistance over four years, including loans from other sources like the World Bank.
"The Bank is working closely with the IMF," the development lender said.
The Bank said the fresh aid would include budget support for reforms, especially in the gas and banking sectors, and investment projects to improve health services and public infrastructure.
"We hope that today's agreement in Minsk and the IMF's agreement with Ukraine will pave the way for a more stable economic and development environment to benefit the people of Ukraine," Kim said.
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