IMF ready to provide Ukraine with additional financing if needed, while focusing on anti-crisis management – IMF chief

The International Monetary Fund (IMF) is discussing new measures with Ukraine on the necessary support, participating in the development of anti-crisis management, Kristalina Georgieva, Managing Director of the International Monetary Fund, told a press conference in Washington in the evening. of March 10.

“We stand ready to provide additional funding if needed. At this point, as I said, the most critical request from us is to make sure Ukraine works,” the chief said. of the IMF.

“How to ensure that the functioning of the Ukrainian economy, the Central Bank, the Ministry of Finance, the main authorities is best suited to the circumstances of the current crisis,” Georgieva said.

According to her, IMF staff have been in constant contact with their Ukrainian counterparts since February 24, when Russia started the war against Ukraine, performing an auxiliary function in the development of crisis management measures, that the Central Bank and the financial authorities quickly implemented.

“We were very impressed by the determination of the Ukrainian authorities (…) As conditions in the country evolve, we will do our best to be of service,” the IMF chief said.

Asked about the extent of the damage already done to Ukraine by the war, Georgieva said it was too early to make an estimate of damages, costs and reconstruction plans.

“But for us, the IMF, or the World Bank, you have to see the end of hostilities in order to be able to assess what it would take for reconstruction. That said, the order of magnitude is going to be quite large. of the great country, 44 million inhabitants, of the population with massive destruction noted in the key cities, Kyiv, as well as of the massive destruction of transport infrastructure”, declared the head of the Fund, admitting that the first estimates of the Ukrainian authorities at $100 billion in damages could be close to the truth.

Speaking about the $1.4 billion emergency funding already transferred to Ukraine, which will be disbursed quickly for vital state functions, Georgieva noted that the Fund will then verify their use.

“We had a very good experience with the emergency funding for Ukraine, for the COVID crisis. Ukraine audited how the money was spent and provided a very good account of the role played by this emergency funding. And we will do the same this time around,” she said.

Michael J. Birnbaum