Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

World Bank may be able to disburse Ukraine aid funds in days - Malpass

Published Feb 27, 2022 01:32PM ET Updated Feb 27, 2022 01:38PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. World Bank President David Malpass attends the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 3, 2021. REUTERS/Yves Herman

By David Lawder

WASHINGTON (Reuters) - World Bank President David Malpass said on Sunday the bank may be able to provide Ukraine with more financial resources within days and that additional aid for the war-torn country will be discussed by G7 finance leaders on Tuesday.

Malpass told CBS' "Face the Nation" he was not yet considering what would happen if the Ukraine's government falls, but the bank is "doing everything we can to support the people of Ukraine."

"Right now, we have an instrument that is able to move quickly in the next few days if it's - if it's needed - and the circumstances go that way," Malpass said. "I briefed our board on Thursday and it can be added to by other countries that want to support Ukraine."

A disbursement for Ukraine within days would represent a rapid acceleration from World Bank financing options that Malpass discussed a week ago with Ukrainian President Volodymyr Zelenskiy. Malpass at that time said the bank was readying a $350 million disbursement to Ukraine that the group's board would consider by the end of March.

Malpass said he would join a virtual meeting on Tuesday of finance ministers and central bank governors from the G7 Western democracies, who will discuss other options and "can decide a lot of how much aid goes into Ukraine."

A source familiar with the G7 meeting plans said the finance leaders also will discuss the latest rounds of sanctions against Russia aimed at punishing Moscow for the invasion of Ukraine. These include moves by the United States and its allies to cut key Russian banks off from the SWIFT financial transactions messaging system and impose sanctions against Russia's central bank aimed at neutralizing its $630 billion in foreign currency reserves.

Malpass also said the World Bank, along with the International Monetary Fund, was considering steps to help countries bordering Ukraine to support their intake of Ukrainian refugees, such as Romania and Moldova.

He added that the conflict and financial sanctions against Russia would increase hardship for the Russian people as the rouble's value has fallen dramatically.

"You know, this is a tragedy right now for Ukrainians, for the neighbors of Ukraine, but also for Russians," he said. "They didn't choose war."

World Bank may be able to disburse Ukraine aid funds in days - Malpass
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email