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Statement February 19, 2022

Readout from World Bank Group President David Malpass’s Meeting with Volodymyr Zelenskyy, President of Ukraine

MUNICH, February 19 – Today, World Bank Group President David Malpass met with Volodymyr Zelenskyy, President of Ukraine.

President Malpass reaffirmed to President Zelenskyy the World Bank Group’s (WBG) support for the people of Ukraine and its economy, both for its short and long-term financing needs. President Malpass noted the resilience of the Ukrainian economy given major economic and security challenges.

President Malpass and President Zelenskyy discussed the immense financial costs to Ukraine from the current crisis and rising energy prices, as well as costs to Russia and the region from likely reductions in investments, trade, and vital Black Sea commerce.

President Malpass affirmed that the World Bank is preparing quick disbursing budget support – for Board consideration by the end of March – of up to $350 million to support ongoing reforms. This would be followed by further budget support and additional reforms, including in the energy and climate areas. President Malpass mentioned strong interest by development partners to coordinate support with the World Bank.

President Malpass and President Zelenskyy also discussed the World Bank’s robust pipeline of planned projects for Ukraine, including energy efficiency, infrastructure, railways, and strengthening the economy and job opportunities in eastern Ukraine. President Malpass noted that the private sector will continue to be a strong pillar of the WBG’s program in Ukraine, particularly to support ongoing reforms, municipalities, agribusiness, and public-private partnerships.

President Malpass and President Zelenskyy discussed close coordination with other development partners. President Malpass also encouraged an EU-led conference of donors and confirmed the World Bank’s participation in the upcoming Ukraine reform conference in Lugano.