The World Bank on Monday, March 7, approved an additional $489 million budget support package for Ukraine called " The package consists of an additional $350 million loan and $139 million guarantees, as well as $134 million in grant financing and $100 million in parallel financing.. The total amount of assistance is $723 million, DW reports..

The rapid transfer of these funds will help the Ukrainian government provide critical services to its people, including paying hospital salaries, pensions and implementing social programs for the vulnerable, the bank said in a statement..

" - The World Bank Group supports the people of Ukraine and the region. This is the first of many steps we are taking to help address the far-reaching human and economic impact of this crisis."

In addition, the World Bank Group is preparing a $3 billion support package for Ukraine in the coming months, as well as additional support for neighboring countries hosting Ukrainian refugees..