The IMF is preparing for a large-scale reconstruction of Ukraine, – Georgieva 

IMF, Georgieva

The International Monetary Fund (IMF) is preparing for large-scale reconstruction work in Ukraine.

This was stated by the Managing Director of the IMF Kristalina Georgieva, according to the text of her statement , published on the website of the Fund.

“Russia’s invasion of Ukraine, which is devastating to the Ukrainian economy, is causing shock around the world,” Georgieva said.

She called the end of the war the first of the Fund’s priorities to protect the global economy, along with tackling the pandemic and fighting inflation and debt growth.

“We know from world 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 everything we can to help Ukraine and all affected countries,” she said. IMF.

“For its part, the IMF has provided $ 1.4 billion in emergency funding to help meet Ukraine’s immediate spending needs. Last week, we also launched a special account that provides a safe way to continue financing Ukraine. And together with international partners, we are preparing for large-scale recovery efforts that will be needed, “Georgieva added.

According to her, the IMF also provides support to Ukraine’s most affected neighbors, such as Moldova.

As reported, the Board of Directors of the International Monetary Fund on April 8 agreed to open a special administrative account for funds from donor countries to help Ukraine.  

Earlier, Finance Minister Serhiy Marchenko said that such an account should be part of a mechanism that would allow the United States and other countries to transfer to Kyiv part of last year’s IMF proceeds under the Additional Allocation of Special Drawing Rights (SDRs).

It will be recalled that in early August last year, the IMF Board of Governors approved the distribution of special drawing rights (SDRs) among the Fund’s member states in the amount equivalent to $ 650 billion. Ukraine received about $ 2.7 billion (SDR1.9 billion). Part of these SDRs worth $ 1 billion was immediately spent on repaying Eurobonds issued five years ago under US guarantees. Джерело: https://biz.censor.net/n3334031

(C)CENSOR.NET 2022

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