MASSIVE FINANCIAL ASSISTANCE TO UKRAINE
Submitted by christian on Sun, 03/20/2022 - 18:14
- European Bank for Reconstruction and Development (EBRD): The EBRD has approved a “War on Ukraine – EBRD Resilience Package”, initially sized at EUR 2 billion, to respond to the immediate needs of the people affected by the war and - when conditions permit - support the substantial reconstruction of Ukraine. The EBRD's package comprises an immediate Resilience and Livelihoods program covering the areas of energy security, nuclear safety, municipal services, trade finance support and liquidity for SMEs in Ukraine and in neighboring affected countries. Once conditions permit, the EBRD will also be prepared to take part in a reconstruction program for Ukraine, to rebuild livelihoods and businesses; restore vital infrastructure; support good governance; and enable access to services. It envisages working with international partners including the EU and U.S., as well as bilateral donors and other international financial institutions.
- European Investment Bank: The EIB has prepared an emergency solidarity package for Ukraine of EUR 2 billion, including the provision of EUR 668 million in immediate liquidity assistance to the Ukrainian authorities. This has been developed in close collaboration with the European Commission. As part of this package, the Bank is also accelerating the delivery of an additional EUR 1.3 billion of commitments made for infrastructure projects. Of the emergency liquidity assistance, EUR 329 million has been disbursed in the past week. An additional EUR 329 million will be disbursed over the coming days. In parallel, the Bank is developing a multi-billion euro package for the EU Eastern and Southern Neighborhood, the EU Enlargement Region and Central Asia to mitigate the consequences of the refugee crisis, and help address the social and economic fallout caused by the war. Within the EU, EIB will work closely with Member States, National Promotional Banks and the European Commission to prepare an action plan to help alleviate the impact of the refugee crisis on EU countries hosting refugees.
- Council of Europe Development Bank ( CEB): The CEB, according to its membership and special social mandate, has provided emergency grants to Ukraine’s neighboring countries to cover immediate needs of refugees, including transportation and orientation. The CEB stands ready to also provide flexible, fast-disbursing loans to address the significant financial needs of neighboring and other countries hosting large inflow of refugees, while remaining focused on the social sector.
- International Monetary Fund: The IMF disbursed emergency assistance of US$1.4 billion to Ukraine on March 9 under the Rapid Financing Instruments (RFI) to help meet urgent financing needs including to mitigate the economic impact of the war. IMF staff remains closely engaged with the authorities to provide policy support as they continue to design and implement effective crisis mitigation measures. The IMF is also currently working with Moldova, which has requested an augmentation of its existing IMF-supported program. The Fund stands ready to support neighboring and other countries affected by the spillovers of the war through all its relevant instruments.
- World Bank Group: The World Bank Group has already mobilized more than US$925 million for Ukraine, including fast-disbursing budget support to help the government provide critical services to Ukrainian people, of which US$350 million has been disbursed. This financing is part of a US$3 billion package of support planned for Ukraine in the coming months. The World Bank also set up a multi-donor trust fund (MDTF) that is among the most rapid, targeted, and secure mechanisms to facilitate channeling grant resources from donors to Ukraine, with contributions of US$145 million thus far. The World Bank Group is also working on options to assist neighboring countries, including to support refugee populations, and will continue to provide trade finance to support the private sector.
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