Georgieva: IMF preparing for massive reconstruction of Ukraine

The IMF has stepped up emergency financing to help Ukraine, launched a special account for further funding, and works with international partners to prepare for the massive reconstruction effort.

“The IMF stepped up with $1.4 billion in emergency financing to help meet Ukraine’s immediate spending needs. Last week, we also launched a special account that gives a secure way to provide further funding to Ukraine. And, together with international partners, we are preparing for the massive reconstruction effort that will be required,” IMF Managing Director Kristalina Georgieva said in an interview.

The IMF Managing Director notes that the immediate priorities for the world now are to end the war in Ukraine, confront the pandemic, and combat inflation and debt.

“We know from global experience that conflict is the enemy of development and prosperity. The high cost of war has crippled and continues to cripple so many countries. As we hope for peace, we must do all we can to help Ukraine and all impacted countries,” Georgieva said.

The IMF expects a "deep recession" in the Russian economy due to the Kremlin's war against Ukraine and large-scale sanctions against Russia. A Russian sovereign default is no longer an “improbable event,” Georgieva said.

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