The World Bank Board of Executive Directors has approved a supplemental budget support package for Ukraine, called Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – for $489 million.

"The package approved by the board consists of a supplemental loan for $350 million and guarantees in the amount of $139 million and is also mobilizing grant financing of $134 million and parallel financing of $100 million, resulting in total mobilized support of $723 million. The fast-disbursing support will help the government provide critical services to Ukrainian people, including wages for hospital workers, pensions for the elderly, and social programs for the vulnerable," the bank said on its website.

As reported, a joint statement by the IMF and the World Bank on March 2 said that the World Bank group is preparing a $3 billion support package for Ukraine in the coming months, starting with an accelerated provision of at least $350 million in budget support, which will be submitted to the Board of Directors for approval this week, followed by $200 million in rapid health care and education support.