WAR BOOST: World Bank Supports Ukraine With $1.5 Billion Loan

RUINS; Damage caused by Russian missiles PHOTO/GETTY IMAGES


MYKOLAIV/NEAR KUPIANSK [SHIFTMEDIA NEWS] Ukraine will receive a $1.5 billion loan from the World Bank guaranteed by the government of Japan, Ukrainian Prime Minister Denys Shmyhal said on Thursday.

The loan will be used to strengthen social protection, provide assistance to people during Russia’s war on Ukraine, and rebuild the economy, Shmyhal said in a post on the Telegram messaging app.

The World Bank and International Finance Corporation (IFC) also plan to mobilize more than $8 billion for new programs in the country, Shmyhal said in a later tweet.

The World Bank and its partners have mobilized $34 billion to help Ukraine, of which more than $22 billion has already been received, Shmyhal said.

Ukraine relies on financial aid from its foreign partners to be able to cover its budget deficit.

Russia Bombards Ukraine ports

News coming in from Ukraine indicate that Russia jolted world grain markets with an escalation in the Black Sea, mounting a third straight night of air strikes on Ukrainian ports and issuing a threat against Ukraine-bound vessels to which Kyiv responded in kind.

READ: https://www.reuters.com/world/europe/russia-warns-ships-black-sea-ukraine-create-temporary-grains-export-route-2023-07-19/

At least 27 civilians were reported hurt in the air strikes on the ports, which set buildings ablaze and damaged China’s consulate in Odesa.

The United States said Russia’s warning to ships indicated Moscow might attack vessels at sea following Moscow’s withdrawal this week from a U.N.-brokered deal to let Ukraine export grain. The signals that Russia was willing to use force to reimpose its blockade of one of the world’s biggest food exporters set global prices soaring.

Moscow says it will not participate in the year-old grain deal without better terms for its own food and fertiliser sales. The United Nations says Russia’s decision threatens food security for the world’s poorest people.

Kyiv is hoping to resume exports without Russia’s participation. But no ships have sailed from its ports since Moscow pulled out of the deal on Monday, and insurers have had doubts about whether to underwrite policies for trade in a war zone.

Since quitting the deal, Moscow has rained missiles down nightly on Ukraine’s two biggest port cities, Odesa and Mykolaiv. Thursday’s strikes appeared to be the worst yet.

Odesa regional governor Oleh Kiper posted an image online of China’s consulate building with broken windows. It is located in Odesa’s city centre just across railway tracks from the port.

“The aggressor is deliberately hitting the port infrastructure – administrative and residential buildings nearby were damaged, also the consulate of the People’s Republic of China. It shows the enemy does not pay attention to anything,” Kiper said on Telegram.


Shift Media News

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