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IMF chief urges US and EU to seal deals that would unlock aid for Ukraine

IMF chief Kristalina Georgieva cautions that failure by the US and EU to swiftly deliver on tens of billions in pledged Ukraine aid could undermine the country’s fragile economic progress.
President of Ukraine Volodymyr Zelenskyy (L) meeting with Managing Director of the International Monetary Fund Kristalina Georgieva (R). Washington DC, US, 11 December 2023. Photo:
IMF chief urges US and EU to seal deals that would unlock aid for Ukraine

International Monetary Fund (IMF) Managing Director Kristalina Georgieva has called upon Ukraine’s allies to rapidly unlock tens of billions of dollars for the country, as she warned delays in providing the extra funding would jeopardize Kyiv’s tentative economic recovery, FT reports.

In an interview, Georgieva expressed confidence that Kyiv could effectively handle a possible short-term funding shortfall lasting “a couple of months,” praising Ukrainian authorities for their efforts in rejuvenating the economy, managing inflation, and fortifying the country’s tax base.

As the US and EU continue to negotiate financing packages for Ukraine, Kristalina Georgieva warns that any prolonged delay could jeopardize Ukraine’s economic recovery. 

Ukraine’s budget for the upcoming year needs $41 billion in support from its international allies. This includes anticipated contributions of $18 billion from the EU, $8.5 billion from the US, $5.4 billion from the IMF, $1.5 billion from various development banks, and $1 billion from the UK.

On 13 December, the US Congress was unable to pass a $60 billion funding package, despite President Volodymyr Zelenskyy’s personal lobbying efforts in the US capital. Two days later, during a Brussels summit, EU leaders were unable to reach an agreement on a previously scheduled €50 billion, four-year funding plan for Ukraine, as Hungary’s Prime Minister Viktor Orbán vetoed the proposal.

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