The World Bank is relocating some employees from Ukraine, but the status quo
The World Bank said on Monday it had temporarily moved some of its staff out of Ukraine and suspended missions to the country, citing border tensions with Russia, but said it would continue fundraising activities in Ukraine. The World Bank said in an internal memo obtained by Reuters that it was closely monitoring the situation on the border where Russia has a large military force near Ukraine. “The World Bank Group’s top priority is the safety of its employees and their families. In accordance with the evacuation policy, a temporary relocation of employees is underway and security measures are being tightened,” the memo said.
The International Monetary Fund has its $5 billion loan program ready for Ukraine. An IMF spokesman for the International Monetary Fund was not immediately available to comment on the staffing of lenders in the country. In 2020, he said that since the start of the COVID-19 pandemic, the World Bank has contributed nearly $1.3 billion of its financing to Ukraine. In September, we signed two loan agreements totaling $441 million for Ukraine.
The memo did not provide details on how many employees will be relocated or where. A World Bank Group spokesperson said the development finance agency’s activities in Ukraine would continue, adding: “For this reason, staff in Ukraine and elsewhere will continue to work on our program. “. Its embassy in Kyiv was to leave Ukraine immediately due to the threat of a Russian invasion. Some embassy officials will be based in the western Ukrainian city of Lviv, US officials said.
The funds aim to improve the network’s integration with Europe and boost the education sector. The World Bank announced in December its emergency loan of US$150 million for its COVID-19 pandemic response and vaccination project and its second pandemic loan of €300 million (US$340 million ). Approval of a development loan. Its first $350 million development loan to Ukraine was approved in June 2020, aimed at protecting the most vulnerable from the pandemic and spurring economic recovery.
Russia indicated on Monday that it was ready to hold talks with the West to ease the security crisis, but Ukrainian officials said Kyiv was ready to make concessions to Moscow.
Summary of news:
- The World Bank is relocating some employees from Ukraine, but the status quo
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