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| Hungary refuses to provide additional funding to Ukraine. (Source: Lajmi.net) |
In a statement posted on its website, the WB said: "Today, the World Bank's Board of Executive Directors approved a $1.5 billion Ukraine Development Recovery and Relief Policy Loan (DPL).
This loan is guaranteed by the Japanese government under the Advance Necessity Credit Enhancement for Ukraine Trust Fund (ADVANCE) project and forms an integral part of the international support package for Ukraine to meet its financing needs in 2023.
The loan will help address the needs of “poor and war-displaced people by providing relief to households,” and support reforms “to enhance transparency and accountability in the expenditure of public resources.”
At the same time, it helps markets function better during and after Russia's special military operation in Ukraine and contributes to economic recovery through reforms.
* On the same day, Hungarian Prime Minister Viktor Orban said that his country opposes the European Commission's (EC) plan to provide more money to Ukraine and is not ready to contribute more money to finance the European Union's (EU) rising debt repayment costs.
Speaking on the radio on the sidelines of the EU Summit in Brussels, Mr Orban said the EC had made a "ridiculous" proposal by asking Budapest to contribute more money.
Hungary - along with Poland - has not received funding from the EU's recovery fund amid legal disputes.
The EU previously announced it would provide Ukraine with 50 billion euros ($54.3 billion) in aid for 2024-2027, after reviewing the bloc's 2021-2027 common budget.
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