IMF assures financial support amid Ukraine crisis
Feb 26, 2022
Washington, [US], February 26 : International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva has vowed to support Ukraine after the country urged for emergency financing' amid the ongoing Russian military operations in the country.
In a statement issued on Friday, the IMF MD expressed grave concern over the Ukraine crisis which she says will have a serious economic impact.
This crisis comes at a when the global economy is recovering from the ravages of the COVID-19 pandemic, and threatens to undo some of that progress.
"Today I met with our Executive Board to brief Executive Directors on our initial assessment of the unfolding situation. I assured them that our staff will continue to work closely with the authorities to support Ukraine in every way we can. We will also continue to work hand in hand with the World Bank Group and other partners to coordinate our support and ensure the maximum benefit for Ukraine," she said.
According to Georgieva, the Fund has a number of instruments in its toolkit and, as the situation in Ukraine evolves and they will continue to discuss with the authorities how we can best assist Kiev.
"These discussions are being conducted remotely with staff participating from Washington. In addition to ongoing policy advice, we are exploring all options for further financial support, including under the existing Stand-By Arrangement for an outstanding amount of USD 2.2 billion. The authorities have also requested IMF emergency financing," she said.
IMF Managing Director said the repercussions of the conflict pose significant economic risks in the region and around the world.
"We are assessing the potential implications, including for the functioning of the financial system, commodity markets, and the direct impact on countries with economic ties to the region. We stand ready to support our members as needed, in close coordination with our international partners," she said.
