World Bank Approves $50 Billion Fund for Ukraine Backed by G7 Nations

The fund, supported by the U.S., Japan, and Canada, is aimed at bolstering Ukraine's economy amid ongoing conflict with Russia.

The World Bank's executive board has approved a financial intermediary fund to support Ukraine, with contributions expected from the United States, Japan, and Canada.
The fund aims to fulfill the G7's pledge to provide Ukraine with up to $50 billion by the end of the year, utilizing interest from frozen Russian sovereign assets.
The European Union has agreed to contribute up to 35 billion euros as part of the broader G7 loan package, with the European Parliament's approval expected later this month.
The fund will primarily support Ukraine's budget, including salaries, social expenditures, and critical recovery needs, as it continues to face challenges from Russian aggression.
Hungary has posed challenges to the EU's efforts, opposing the extension of sanctions on Russia, which are crucial for maintaining the freeze on Russian assets.