The World Bank And The IMF Racing To Provide Help To Ukraine

The International Monetary Fund and the World Bank said on Tuesday that they are rushing to offer billions of dollars in extra assistance to Ukraine in the coming weeks and months, citing “major spillovers” from the conflict in Ukraine. According to IMF Managing Director Kristalina Georgieva and World Bank President David Malpass, the fighting is driving commodities prices up, risking more inflation, and financial system disruptions would increase if the violence continues. Economic sanctions implemented by the US, Europe, and other allies would have a tremendous impact. The leaders expressed astonishment and sadness about the conflict but did not name Russia, which is a stakeholder in both institutions. On February 24, Russia launched a full-scale invasion of Ukraine, with its military troops shelling Ukrainian cities.

People Murdered, Inured, And Forced to Leave

“People are being murdered, injured, and forced to leave, and the country’s physical infrastructure is being severely damaged,” Georgieva and Malpass said in a joint statement. The battle is having enormous ramifications in other nations.” The IMF and the World Bank said they were expanding finance and policy assistance for Ukraine immediately and had been in daily communication with the government on crisis measures. According to them, the IMF board of directors might examine Ukraine’s request for emergency funding under the Rapid Financing Instrument as soon as next week. Before the end of June, an extra $2.2 billion was available under its stand-by agreement.

According to them, the World Bank is planning a $3 billion package of assistance in the coming months. The bank’s board of directors will consider a fast-disbursing budget infusion of at least $350 million this week, followed by $200 million for health and education projects.

The two organizations also stated that they were evaluating the economic and financial impact of the war and refugees on other nations in the region and throughout the world. They stated that if needed, they will give additional policy, technical, and financial assistance to Ukraine’s neighbours. Since the invasion began, more than 660,000 people have left Ukraine to countries including Poland, Romania, and Hungary, according to the United Nations refugee agency.

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