Sunday, April 24, 2022

Helping the poorest countries in the world deal with the impact of the war in Ukraine

This week, Liz Truss, Britain's Foreign Secretary announced the largest ever World Bank financial commitment to low income countries, supporting countries faced with significant economic hardship resulting from Putin’s illegal invasion of Ukraine.  

  • Russia’s bombardment across Ukraine has brought exports from the world’s breadbasket almost entirely to a halt, leading to steep price rises and jeopardising livelihoods across the globe.
  • The cost of living crisis is a world problem, which was already an issue around the planet even before Putin's illegal invasion of Ukraine, but the war has made it even worse. It is bad enough in rich countries like Britain, it is worse still for the poorest of the poor in some of the worlds's least affluent countries. 
  • That is why the UK has led by stepping up our support through the World Bank, securing the largest ever financial commitment to low income countries as well as almost $1 billion in loan guarantees, allowing the Bank to lend more to Ukraine without taking resources away from the rest of the world. 
  • Despite Russia’s refusal to take responsibility for its actions, the UK and World Bank partners will continue delivering for and protecting the people of Ukraine and the wider world.  

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