WASHINGTON, Aug  8, 2022 (BSS/AFP) - The World Bank on Monday announced it
was mobilizing another $4.5 billion in US-provided financial support for
war-torn Ukraine.

The funds will help Kyiv pay for services and pensions, key to easing
economic impacts of the Russian invasion, the bank said in a statement.

"This economic assistance is critical in supporting the Ukrainian people as
they defend their democracy against Russia's unprovoked war of aggression," US
Treasury Secretary Janet Yellen said in a statement.

The latest tranche of aid, most of which will be disbursed this month, is
part of  $8.5 billion in total US support "which is helping Ukraine's
government keep hospitals, schools, and other critical government services for
the people of Ukraine."

The World Bank said the funding goes to the Public Expenditures for
Administrative Capacity Endurance in Ukraine (PEACE) project, part of the
multi-billion-dollar package to help the country.

"Ukraine needs continued government services, including health, education,
and social protection to prevent further deterioration in living conditions and
poverty," World Bank President David Malpass said.

The country is currently running a budget deficit that is growing by $5
billion every month, exacerbated by its inability to raise funds or to access
financing on external markets.

Allies have rushed to pump Ukraine with aid, with the G7 and the European
Union also announcing commitments of $29.6 billion in further money for Kyiv.