IMF prepares for large-scale restoration of Ukraine

The International Monetary Fund (IMF) has increased emergency funding to help Ukraine by launching a special account, and is gearing up with international partners for a massive effort to rebuild the country.

IMF Managing Director Kristalina Georgieva said this in an interview, according to Ukrinform. 

“The IMF has increased $1.4 billion in emergency funding to help Ukraine meet immediate spending needs. Last week, we launched a special account that provides a secure path for further funding for Ukraine. And together with international partners, we are preparing for the massive recovery effort that will be required,” Georgieva said.

The IMF Managing Director added that the world's immediate priorities now are ending the war in Ukraine, confronting the pandemic, and fighting inflation and debt.

“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. Since we hope for peace, we must do everything possible to help Ukraine and all affected countries,” she said.

As Ukrinform reported, earlier the IMF predicted a “deep recession” in the Russian economy due to the war unleashed by the Kremlin against Ukraine, as well as large-scale sanctions imposed against the Russian Federation. The Fund does not consider Russia's default on external debt unlikely.