World Bank announces $3bn support package for war-torn Ukraine

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Updated 02 March 2022
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World Bank announces $3bn support package for war-torn Ukraine

The World Bank has announced a $3 billion package for Ukraine as the country fights back against Russia’s invasion.

The support deal is in association with the International Monetary Fund.

The World Bank’s board will consider a fast-disbursal of a $350 million loan for Ukraine within days, to provide emergency cash for its efforts to defend against the Moscow-sanctioned attack.

It will be followed by $200 million to support health and education, the World Bank and IMF said in a joint statement.

“We are currently preparing a package of fast-disbursing financing for Ukraine, which we hope to present to our board for consideration in the coming days,” a World Bank spokesperson told Reuters.

The IMF said that it will continue to review Ukraine’s 2020 loan, of which $2.2 billion remains outstanding.

“Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead. This crisis affects the lives and livelihoods of people around the world, and we offer them our full support,” added the World Bank and IMF.


Oman inflation at 1.6%, latest figures show

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Oman inflation at 1.6%, latest figures show

RIYADH: Oman’s consumer price index rose by 1.6 percent in December compared with the same month a year earlier, reflecting moderate inflationary pressures at year’s end.

Average inflation for the January–December 2025 period increased by 1 percent, according to official data.

Figures released by the National Center for Statistics and Information showed that miscellaneous personal goods and services recorded the sharpest price increase, rising by 10 percent year on year. 

This was followed by transport at 2.8 percent, restaurants and hotels at 2.6 percent, and furniture, household equipment and routine maintenance at 2.4 percent, as well as education at 2.2 percent. 

Food and non-alcoholic beverages prices increased by 1.1 percent, while clothing and footwear rose by 0.2 percent and health by 0.1 percent. In contrast, prices in the culture and recreation group declined by 0.1 percent. 

Housing, water, electricity, gas and other fuels, as well as tobacco and communications, remained unchanged over the period. 

Within the food and non-alcoholic beverages category, December prices compared with the same month of 2024 showed notable increases in fish and seafood at 6 percent and fruits at 4 percent. 

Sugar, jam, honey and confectionery rose by 3.5 percent, milk, cheese and eggs by 2.1 percent, and non-alcoholic beverages by 0.9 percent.

Meat prices increased by 0.8 percent, bread and cereals, oils and fats by 0.7 percent, and other unclassified food products by 0.4 percent, while vegetable prices fell by 5.8 percent. 

Regionally, Al Dhahirah governorate recorded the highest inflation rate at 2.5 percent by the end of December compared with a year earlier. 

Inflation also rose by 2.1 percent in Al Dakhiliyah, 1.7 percent in Muscat and Al Buraimi, and 1.5 percent in South Al Batinah. 

South Al Sharqiyah and Musandam each posted increases of 1.1 percent, while North Al Sharqiyah and North Al Batinah rose by 0.9 percent. Al Wusta and Dhofar recorded inflation of 0.8 percent. 

The report highlights the relative importance of expenditure groups within the consumer price index basket, underscoring why movements in certain categories have a greater impact on overall inflation.

Housing, water, electricity, gas and other fuels carry the largest weight at 31.7, followed by food and non-alcoholic beverages at 20.6 and transport at 14.5.

Together, these three groups account for more than two-thirds of the CPI basket, meaning price stability in housing and utilities can significantly moderate headline inflation even when sharper increases are recorded in smaller-weight categories such as miscellaneous goods and services. 

The analysis also notes that around 56,640 individual price quotations were collected from 3,907 sources across the Sultanate during the reference period. 

In addition, rental data were gathered from a dedicated sample of 1,509 rented housing units, providing a detailed and representative measure of housing costs, which remain the most heavily weighted component of the inflation basket.