IMF, World Bank preparing $3B support package for Ukraine

The International Monetary Fund, together with the World Bank Group, announced financial and other assistance to Ukraine amid Russia's shocking aggression.

IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass issued the relevant statement on the war in Ukraine, Ukrinform reports.

“Our institutions are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support. We have been in daily contact with the [Ukrainian] authorities on crisis measures,” the statement says.

In particular, the IMF is responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which our Board could consider as early as next week. In addition, the IMF continues 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 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.

“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,” the document says.

In this regard, enhanced policy, technical, and financial support to neighboring countries is being prepared.

As reported, on February 24, Russian President Vladimir Putin declared war on Ukraine and launched a large-scale invasion. Russian troops have been shelling and destroying key infrastructure. Missiles hit residential buildings.

Martial law was imposed in Ukraine and general mobilization was announced.

Ukraine officially filed a lawsuit against the Russian Federation at the UN International Court of Justice in The Hague.

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