The country will need this amount to keep the economy functioning over the next three months. The head of the fund called on all its participants to provide assistance to Ukraine.
The International Monetary Fund will help Ukraine cover a financial deficit of $ 15 billion over the next three months. The head of the IMF, Kristalina Georgieva, said she proposed allocating the financial assistance Kiev needed in the form of grants, according to the Financial Times on Wednesday, April 20.
The head of the IMF noted that Ukraine will need $ 5 billion per month over the next three months to close all the holes that have arisen due to the impact of Russia’s aggression on the country’s finances.
Georgieva also added that the fund will discuss Ukraine’s financial needs with Ukraine’s government partners. He also proposed allocating the necessary financial assistance to Kiev in the form of grants as part of the concerted efforts of IMF member countries.
“Most of the economy isn’t working. Filling the financial gap is best provided by grant funding, so we believe,” Georgieva explains.
He stressed that the $ 5 billion is for keeping the economy functioning, not for recovery, “which is costly.”
“What we do is work with our partners to ensure that this type of support is mobilized through different channels and further work on detailing specific needs and how to best meet those needs, “said the head of the IMF.
Georgieva recalled that the Fund will create and administer a special administrative account to send money from donor countries to help Ukraine.
According to him, the IMF is already discussing a follow-up program for Ukraine.
“Of course, we have very high uncertainty right now, but this should not stop us from starting work on a support package for Ukraine in the future,” Georgieva stressed.
He clarified that this is a program that the Fund could start for the future, but will not be submitted to the board of directors as the battle continues.
“Because it is unfair to expect the Ukrainian authorities to develop a massive package of reforms. They are doing the right thing now, focusing on what is most important right now, especially keeping the economy working, and they are making a great job, ”said the head of the IMF, expressing admiration for the work of the Ukrainian economic bloc composed of the Ministry of Finance and the National Bank to maintain macroeconomic and financial stability in the war-torn country.
It was previously reported that Ukraine asks international partners for financial assistance of $ 5 billion per month.
Recall that the IMF has already provided Ukraine with emergency financing in the amount of $ 1.4 billion, and also opened a special account that provides a safe way to further supply the country.
The IMF is preparing for the restoration of Ukraine after the war
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Source: korrespondent
