IMF provides financial support in the context of the Ukrainian crisis
Update: February 26, 2022 1:16 p.m. STI
Washington, [US]Feb. 26 (ANI): International Monetary Fund (IMF) Managing Director Kristalina Georgieva pledged support for Ukraine after the country requested emergency funding amid ongoing Russian military operations in the country.
In a statement released on Friday, the managing director of the IMF said she was very concerned about the Ukrainian crisis which she said would have serious economic repercussions.
This crisis comes at a time 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 Board of Directors to update the Executive Directors on our initial assessment of the evolving situation. I assured them that our staff would continue to work closely with the authorities to support the “Ukraine in any way possible. We will also continue to work hand in hand with the World Bank Group and other partners to coordinate our support and ensure maximum benefits for Ukraine,” he said. she declared.
According to Georgieva, the Fund has a number of instruments in its toolbox, and as the situation in Ukraine evolves, they will continue to discuss with the authorities how best to help Kyiv.
“These discussions are being conducted remotely with participating Washington staff. In addition to ongoing policy advice, we are exploring all options for additional financial support, including under the existing stand-by agreement for outstanding 2 .2 billion. The authorities have also requested emergency funding from the IMF,” she said.
The managing director of the IMF said that the repercussions of the conflict pose significant economic risks in the region and in 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 if necessary, in close coordination with our international partners,” she said. (ANI)