The World bank in a bid to support an ailing economy, especially in developing countries has provided a record US$75B in 2022.
“This is, 35% above a four-year average,” World Bank President David Malpass said in a tweet. “The aid comes as countries emerging from the Covid-19 pandemic were hit by fallout from the war in Ukraine and surging inflation, while climate change brought further devastation.”
“The world faces equally daunting challenges in 2023. It is vital to reduce unsustainable debt burdens, promote debt transparency and boost investment,” he said.
The assistance last year was 35% above the past four years’ average, he said.
The World Bank’s assistance also came as part of a global crisis response package, involving up to $170 billion in financing over 15 months. This helps to address issues ranging from food insecurity to restoring growth, Malpass said in the letter to the bank’s governors -- typically countries’ finance ministers or other officials.
In particular, the World Bank delivered $31.7 billion in climate finance last year and channelled another $18 billion towards Ukraine since the start of the war.
The bank had worked to fund essential Ukrainian government services while preparing a new series of operations to address urgent needs and repairs in key sectors like health and energy.
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