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The World Bank building in Washington, DC on Aug. 8, 2003. (Tim Sloan/AFP via Getty Images)
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Ukraine received $1.5 billion in loans from the World Bank, the Finance Ministry said on March 29.

The loan, backed by guarantees from Japan and the U.K., was provided through the World Bank Trust Fund (Advance Ukraine). In total, Japan guaranteed $984 million, and the U.K. guaranteed $516 million.

"The funds raised will be used to support the state budget of Ukraine and economic recovery, as well as to finance the prioritized social and humanitarian expenditures of the state budget," said Finance Minister Serhii Marchenko earlier in the week.

Ukraine's recovery and reconstruction costs stemming from Russia's full-scale invasion are estimated to be $486 billion, according to the World Bank's assessment in February 2024.

As of March 1, the World Bank "has mobilized over $41 billion in financial support to Ukraine, of which nearly $35 billion has been disbursed to date."

World Bank to disburse $500 million for Ukrainian businesses in 2024
The matter was discussed during a meeting between the ministry’s team and the World Bank mission headed by Arup Banerji, the World Bank’s regional country director for Ukraine and Moldova.
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5:35 PM

Latvian schools to stop teaching Russian as foreign language.

Children in Latvia will no longer learn Russian as a foreign language in schools from 2026, but instead will be required to learn a language of the European Union or the European Economic Area, Latvia's Education Ministry announced on April 23.
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