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IMF, World Bank galvanize to support Ukraine

The International Monetary Fund (IMF) and the World Bank have jointly stepped out to provide emergency and long-term financial support to Ukraine in the wake of Russia’s invasion of the country. 

IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass released a joint statement in Washington DC, Tuesday, March 01, 2022, expressing shock over the devastating human and economic toll brought by the war in Ukraine.

“People are being killed, injured, and forced to flee, and massive damage is caused to the country’s physical infrastructure. We stand with the Ukrainian people through these horrifying developments. The war is also creating significant spillovers to other countries”, the expressed.

The statement notes that as a result of the crisis, commodity prices are being driven higher and risk further fueling inflation, which hits the poor the hardest.

It warns that disruptions in financial markets will continue to worsen should the conflict persist, and that sanctions announced over the last few days will also have a significant economic impact. “We are assessing the situation and discussing appropriate policy responses with our international partners”, the two Britton Wood Institutions add.

Director Georgieva and Mr. Malpass say both institutions are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support.

They reveal that they have been in daily contact with the authorities on crisis measures, and at the IMF, they are responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which “our Board could consider as early as next week.”

Besides, the IMF and the World Bank promise to continue to work on Ukraine’s Stand-By Arrangement program, under which an additional $2.2 billion is available between now and the end of June.

The statement further reveals that the World Bank Group is preparing a $3 billion package of support in the coming months, starting with a fast-disbursing budget support operation for at least $350 million that will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education.

This package, it says, will include mobilization of financing from several development partners, while both institutions welcome the already-announced support from many bilateral partners.

 “The World Bank and the IMF are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world.”

Meanwhile, Director Georgieva and Mr. Malpass say they stand ready to provide enhanced policy, technical, and financial support to neighboring countries as needed, noting that 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”, the statement concludes. Press Statement



The New Dawn is Liberia’s Truly Independent Newspaper Published by Searchlight Communications Inc. Established on November 16, 2009, with its first hard copy publication on January 22, 2010. The office is located on UN Drive in Monrovia Liberia. The New Dawn is bilingual (both English & French).
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