"The World Bank is preparing a $1.5 billion support package for war-torn Ukraine and plans to help developing countries struggling with rising food and energy prices," World Bank President David Malpass said.
In a speech at the Warsaw School of Economics, Malpass said the bank was helping Ukraine provide critical services, including paying salaries for hospital workers, pensions, and supporting social programs, Reuters reports.
"The World Bank was established in 1944 to help Europe rebuild after World War II. As we did then, we will be ready to help Ukraine rebuild when the time comes," - Malpass said.
Malpass said the aid package for Ukraine was approved Monday as part of a $1 billion International Development Association (IDA) aid package by donor and recipient countries. It will also bring $100 million of IDA money to Ukraine's neighbor Moldova.
"The IDA plan still needs to be fully approved by the World Bank board of directors, which should happen in the coming weeks," the World Bank spokesman confirmed.
David Malpass also reported that the WB is working on about $3 billion aid package.
"The World Bank is analyzing the global impact of the war in Ukraine, including rising food and energy prices, and is preparing a rapid response to the crisis that will provide concentrated support to developing countries," the World Bank chief said. He added that every one percentage point increase in food prices pushes 10 million people into extreme poverty
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