The World Bank is preparing a $1.5 billion support package for war-torn Ukraine and plans to aid developing countries struggling to keep up with surging food and energy prices, World Bank President David Malpass said on Tuesday, Reuters reports.
In remarks at the Warsaw School of Economics in Poland, Malpass said the bank was helping Ukraine provide critical services, including paying wages for hospital workers, pensions and social programs.
"The World Bank was created in 1944 to help Europe rebuild after World War Two. As we did then, we will be ready to help Ukraine with reconstruction when the time comes," Malpass said.
Malpass said the package was enabled by Monday's approval of $1 billion in International Development Association (IDA) aid by donor and recipient countries, along with a $100 million IDA payment to neighboring Moldova.
The IDA disbursement plan still needs full approval by the World Bank's board of directors in coming weeks, a World Bank spokesperson said.
Malpass did not specify the source of the additional $500 million for Ukraine.
The aid comes on top of about $923 million in fast-disbursing financing approved by the World Bank last month, which also includes donor country contributions. That package includes $350 million in budget support financing from the World Bank's main lending arm, the International Bank for Reconstruction and Development (IBRD).