Ukraine to get IMF/World Bank funds as early as this week
-
Loading... - Penelope Reynolds
- 03 Mar 2022
- 401 Views
- 0 Like
- 0 Comment
The Washington DC-based financial institutions gave the signal in a joint release late Tuesday with the IMF saying it could approve Ukraine's request for financial help through its Rapid Financing Instrument “as early as next week.”
The Ukraine made the emergency financing request late last week in the aftermath of Russia's invasion of its territory. The fund indicated then that it would consider the request as soon as possible.
The IMF didn't say how much money is under consideration, but added in the release that it will “continue to work on Ukraine's Stand-By Arrangement programme, under which an additional US$2.2 billion is available between now and the end of June.” The Ukraine has been under an IMF programme since June 2020. That programme was schedule to end in December 2021, but was extended to June this year on the request of Ukrainian authorities.
The World Bank Group, which also said it will help, signalled that it is “preparing a US$3-billion package of support in the coming months, starting with a fast-disbursing budget support operation for at least US$350 million that will be submitted to the board for approval this week, followed by US$200 million in fast-disbursing support for health and education.”
Both institutions also said they will seek to mobilise financing from several development partners.
“The World Bank and the IMF are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world. We stand ready to provide enhanced policy, technical, and financial support to neighbouring countries as needed, they added in the statement. Read More…
