Washington: Kristalina Georgieva, Managing Director (MD) of the International Monetary Fund (IMF), has pledged to support Ukraine after the country requested emergency funding despite ongoing Russian military activities in the country. In a statement released on Friday, IMF Managing Director expressed great concern about the Ukraine conflict, which she claims will have a significant economic impact.
This catastrophe strikes just as the world economy is beginning to recover from the effects of the COVID-19 epidemic, threatening to reverse some of that progress. "I met with our Executive Board today to give them an update on our initial evaluation of the situation. I told them that our personnel will continue to collaborate closely with the authorities in order to assist Ukraine in any manner possible. We will also continue to work closely with the World Bank Group and other partners to coordinate our assistance and ensure that Ukraine receives the most benefit possible "she stated
According to Georgieva, the Fund has a number of instruments in its arsenal, and they will continue to discuss with the authorities how they can best assist Kiev as the situation in Ukraine unfolds. "These meetings are being held remotely, with personnel from Washington participating. We are considering all alternatives for additional financial help, including the existing Stand-By Arrangement for an outstanding sum of USD 2.2 billion, in addition to continuous policy guidance. The authorities have also requested emergency funding from the IMF "she stated.
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