The World Bank has taken a big step after the Russian attack on Ukraine. The World Bank has announced that it will halt all its programs in Russia and its ally Belarus with "immediate effect" in response to Moscow's military operations in Ukraine and "hostility" against the people of the war-torn country.
On 24 February, the Russian military began military operations in Ukraine, three days after Moscow recognized separate regions of Ukraine – Donetsk, and Luhansk – as independent entities.
This decision of The World Bank has come at a time when many countries, organizations, and businesses of the world are already breaking ties with Russia and its allies Belarus. Many countries have also imposed sanctions on Russia for invading Ukraine and Belarus for its support and cooperation.
"The World Bank Group has not approved any new loans or investments in Russia since 2014. No new loans to Belarus have been approved since mid-2020," Washington-based global lender World Bank said in a statement on Wednesday. "
"Following the Russian invasion of Ukraine and hostilities against the people of Ukraine, the World Bank Group has suspended all its programs in Russia and Belarus with immediate effect," the statement said.
Hill reported that the banking organization, with 189 member states worldwide, has not approved any new loans or investments in Russia since 2014. Then Russia captured the city of Crimea from Ukraine. In addition, the World Bank has not given any loans since 2020 following a disputed presidential election in Belarus.
Following Russia's invasion, World Bank President David Malpass condemned the attack, saying the group was "horrified by the shocking violence and loss of life as a result of the unfolding events in Ukraine."
"We are Ukraine's longtime partners and stand with their people at this critical moment," Malpass said in a statement.
Earlier on Tuesday, International Monetary Fund (IMF) managing director Kristalina Georgieva said it was considering Ukraine's request for emergency financing, while another program provided the nation access to USD 2.2 billion by the end of June. Of.
The World Bank Group also announced on Tuesday that it is providing a USD 3 billion aid package to aid Ukraine.
On 1 March both the IMF and the World Bank Group stated the war in Ukraine, saying, "We are shocked and saddened by the devastating human and economic crisis brought on by the war in Ukraine. People are being killed and injured." They are being forced to flee, and the country's physical infrastructure is being heavily damaged. We stand with the Ukrainian people during these horrific incidents."
The US, along with its major allies including the European Union and the UK, has disconnected major Russian banks from the interbank messaging system, i.e. SWIFT, and imposed restrictive measures on its central bank.
Pakistan Flood: Manchar, the largest lake in Pakistan, is in spate, many villagers trapped
The situation is already bad due to the floods in Pakistan. At the same time, Pakistan's largest
LAC: Army is building ponds near China border, 50 thousand soldiers are deployed in East Ladakh
The army is building ponds in the area to provide fresh drinking water to 50,000 soldiers deploye
Air India New Logo: Air India released its new logo and design, the name is - The Vista
Tata Group-owned airline Air India on Thursday unveiled its new logo and design. Air India retain
The plains of Indus-Ganga are in the grip of severe fog these days. The Indo-Gangetic plains incl
Rice shortage may appear as a new problem in the world's food market. The reason for this is the
PM Modi speaks to Vladimir Putin, reiterates India's stand on the situation in Ukraine
Prime Minister Narendra Modi had a phone conversation with Russian President Vladimir Putin on Fr
BCCI cameraman injured by Rishabh Pant's shot, DC captain apologized by giving 'special message'
Delhi Capitals captain Rishabh Pant apologized to the BCCI cameraman who was injur
Whenever the fittest actor in the film industry is mentioned, Salman Khan's name is taken. Even a
The BJP on Monday praised the leadership of Prime Minister Narendra Modi and said that in his add
This was Sunita Williams' first reaction after returning to Earth, NASA released the video.
Astronaut Sunita Williams has returned to Earth. After spending 9 months and 14 days in space, Su
