the World Bank has expressed its support for a draft United Nations resolution calling for a ceasefire in Gaza, according to a letter sent to the United States government. The move places a key international financial institution publicly on the side of a diplomatic effort to end the ongoing conflict, wich has killed over 34,000 Palestinians, according to Gaza’s health ministry, adn displaced the vast majority of the territory’s population.
The World Bank’s backing, revealed in a letter from President Ajay Banga to U.S.Treasury Secretary Janet Yellen,underscores growing international pressure on Israel and its primary ally,the united States,to halt the fighting. The draft UN resolution, currently facing potential vetoes, demands an immediate ceasefire and the unconditional release of hostages held by Hamas. The World Bank’s position could influence other multilateral lenders and donor nations as they consider future aid and reconstruction efforts for Gaza, which faces widespread devastation and a looming humanitarian crisis.Banga’s letter,dated May 17,2024,states the World Bank believes the resolution aligns with its mission to reduce poverty and promote shared prosperity,citing the “catastrophic” impact of the conflict on Gaza’s population and economy. The letter further emphasizes the urgent need for a ceasefire to allow for the delivery of humanitarian aid and the eventual rebuilding of essential infrastructure. The World Bank has committed $700 million in aid to Gaza but says further assistance is contingent on a lasting resolution to the conflict.
