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World Bank announces to stop all programs in Russia and Belarus

World Bank

The World Bank on Wednesday gave a statement saying that it has put a halt on all their programs in Russia and Belarus with ‘immediate effect’ amid the Russian invasion in Ukraine. “Since 2014, the World Bank Group has not authorized any new loans or investments in Russia. Furthermore, no new credit to Belarus has been approved since mid-2020,” the World Bank said in a statement. 

The financial institution told that no new investments or loans have been approved for Russia since 2014 after Russia occupied the Crimea region of Ukraine. The bank also said that all lending to Belarus has also been stopped since mid-2020 after the sanctions were imposed by the United States on the country because of the dispute over presidential elections. 

According to a news website, the institution has 11 ongoing projects in Belarus for a total cost of $1.2 billion that deals with energy, education, transportation, and Covid-19 response. As per the bank’s website, the World Bank’s lending commitments to Belarus totaled $308 million in 2020, with active projects including a biomass heating project, forestry development work, and education modernizations.

The United Kingdom, the United States, Canada, the European Union, and many other nations have sanctioned Moscow and have condemned Russian Military activities in Ukraine. The nations have also assured to provide military assistance to Ukraine in the ongoing Russian-Ukraine war. The western countries have also decided to pull out Russian Banks from the SWIFT interbank messaging system. This will leave Russian Banks without any options for secured communication with banks outside the Russian Borders. Travel bans and various other restrictions have also been imposed on numerous Russian nationals including President Vladimir Putin himself. 

On Tuesday, the World Bank revealed that it is preparing a support package in the next months worth 3 billion USD for Ukraine. The IMF is also thinking about offering emergency assistance to the nation. Further, the United Nations has also decided to give an emergency grant worth $20 million to the UN to help expand UN humanitarian activities in Ukraine. Antonio Guterres, the Secretary-General of the UN said that the UN is committed to helping the people of Ukraine in their needs regardless of who they are. 

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By TIS Staffer
the authorBy TIS Staffer

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