Since Ukraine joined the World Bank in 1992, the Bank's commitments to the country have totaled more than $14 billion in about 90 projects and programs. "We are a long-standing partner of Ukraine and stand with its people at this critical moment."
World Bank, in full World Bank Group, international organization affiliated with the United Nations (UN) and designed to finance projects that enhance the economic development of member states. Headquartered in Washington, D.C., the bank is the largest source of financial assistance to developing countries.
Ukraine became a member of the World Bank Group in 1992, under the Law of Ukraine dated June 3rd , 1992 №2402-XII. Ukraine as a member-shareholder of the World Bank has 0.77% of the equities.
Since February 2022, the World Bank has mobilized over $18 billion in financial support to Ukraine, of which nearly $15 billion has been disbursed to date (December 20, 2022).
We stand firmly to support the Ukrainian people as they face this unparalleled crisis.” To date, the World Bank has mobilized $13 billion in emergency financing for Ukraine, including commitments and pledges from donors, of which $11.4 billion has been fully disbursed.
On March 2, 2022 the World Bank Group has stopped all its programs in Russia and Belarus with immediate effect following "the Russian invasion of Ukraine and hostilities against the people of Ukraine". This means at present there are no active World Bank projects in Russia.
Part of Russia's ODA is provided through multilateral channels, including the World Bank Group, the United Nations system, major global initiatives, and special-purpose funds.
Agricultural products are Ukraine's most important exports. In 2021 they totaled $27.8 billion, accounting for 41 percent of the country's $68 billion in overall exports. Ukraine is normally the world's top producer of sunflower meal, oil, and seed and the world's top exporter of sunflower meal and oil.
Relationship with the World Bank
Currently China is categorized as an upper-middle-income country, and work with the World Bank mainly for funding small-scale projects.
In addition to direct contributions and loans from developed countries, these countries receive grants, interest-free loans, and technical assistance from the World Bank to enable them to provide basic services. In the case of the loans, countries have 35-40 years to repay, with a 10-year grace period.
Before Nauru, the last country to join the IMF and World Bank was South Sudan, in April 2012.
Right now, the Ukrainian banking system is functioning with some administrative restrictions, for example on capital flows. This was something we had to do to ensure macroeconomic stability.
The U.S. is the largest shareholder of the World Bank with 17.25% of its capital shares. Every World Bank president since its inception has been a U.S. citizen.
The World Bank Group is Australia's largest multilateral partner and is the world's largest development organisation. The World Bank Group consists of five: the International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income and most vulnerable countries.
The five United Nations member states that are not members of the World Bank are Andorra, Cuba, Liechtenstein, Monaco, and North Korea.
The organizations that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, including policy, financial or membership issues.
With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
Of the $35 billion that the world's 74 lowest-income nations will owe in debt service payments this year, about 37% — or $13.1 billion — is owed to Chinese entities, according to the World Bank.
According to preliminary estimates, researchers believe that Ukraine is a treasure trove of lithium, holding about 500,000 tons of the “non-renewable mineral that makes renewable energy possible.” Lithium has become virtually irreplaceable in electric vehicle (EV) batteries because of its efficient energy storage per ...
The most important sector in Ukraine's economy is agriculture. Dubbed Europe's bread basket, the country is the world's biggest exporter of wheat due to its vast swathes of fertile soil that make up about a third of all arable land in Europe.
The United States has by far provided the most military assistance to Ukraine, more than every other country combined.
Russia's gross domestic product (GDP) is mainly composed of three sectors: agriculture, industry, and service. Agriculture contributes about 5.6% to GDP, followed by industry and service, which contribute 26.6% and 67.8%, respectively.
On 4 April 2022, Russia technically defaulted on its foreign debt by failing to pay its obligations in US dollars (and after the grace period it actually defaulted because it did not pay 30 days grace period interest of around 1.9 million USD).