Ukraine requires $42 billion in budgetary support this year as it continues to battle the ongoing Russian invasion, according to Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).
Speaking at the Spring Meetings of the IMF and World Bank in Washington on 18 April, she indicated that support for Ukraine remains “steady” and “firm.” The EU and various countries, including the United States, Japan, Canada, the United Kingdom, and South Korea, have stepped up to assist, according to Georgieva.
“At this point, we assessed the needs for this year at $42 billion. We have confidence that these needs would be met. Of course, we will have to continue to carefully monitor conditions in the country…” Georgieva said when asked about the potential for Ukraine’s financial needs to grow due to the bombing of critical infrastructure.
However, she emphasized that the ideal outcome for the world would be an end to both the war in Ukraine and Gaza, as reported by the IMF. Georgieva stated that Ukraine has demonstrated remarkable determination to maintain a functioning economy despite the ongoing war with Russia.
She also noted the importance of having more women in positions of authority to increase the chances of achieving peace.
In March, Ukraine received an $880 million tranche from the IMF under the Extended Fund Facility, marking the third installment aimed at supporting priority budget needs and macro-financial stability during the ongoing war with Russia.
Earlier, The IMF approved a substantial $15.6 billion loan for Ukraine, part of a larger $115 billion global effort, to mitigate the severe economic and social effects of Russia’s ongoing invasion. This financing is structured around a two-phase program under the Extended Fund Facility (EFF), which focuses on stabilizing Ukraine’s economy.
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