The World Bank (WB) reported this Wednesday that they will suspend “with immediate effect” all their programs in Russia and Belarus, due to the war outrage carried out in Ukraine.
“As a consequence of the Russian invasion of Ukraine and hostilities against the people of Ukraine, the World Bank has stopped all its programs in Russia and Belarus with immediate effect,” the international entity emphasized in a statement.
They also recalled that they had approved new loans to Russia since 2014 when the Kremlin invaded the Ukrainian peninsula of Crimea; and the sanctions on Belarus are given for being allies and facilitating the transit of military personnel to Ukraine since mid-2020.
It is worth emphasizing that on the eve, David Malpass, president of the World Bank, announced that they are preparing an emergency assistance package of US$ 3,000 million for Ukraine.
For his part, together with the managing director of the International Monetary Fund (IMF)Kristalina Georgieva, warned that “significant economic effects” will come in other countries as a result of the conflict and the sanctions imposed on Russia, translating this into rising prices of raw materials and the risk of accelerating inflation.
“Disturbances in financial markets will continue to worsen if the conflict persists,” they noted.
Source: EFE
Source: Larepublica
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