The International Monetary Fund (IMF) and the World Bank Group have expressed their willingness to grant Ukraine’s request for urgent financing of about $5.2 billion.
This was expressed in a joint statement by both bodies titled, ‘Joint IMF-World Bank Group statement on the war in Ukraine’.
The IMF stated that $2.2bn will be granted to Ukraine between now and the end of June, while the World Bank added that it would approve about $350m this week, followed by $200m for health and education.
The monetary institutions stated that they are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support, adding that they have been in daily contact with the authorities on crisis measures.
“At the IMF, we are responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument, which our Board could consider as early as next week. In addition, we continue to work on Ukraine’s Stand-By Arrangement programme, under which an additional $2.2bn is available between now and the end of June.
“At the World Bank Group, we are preparing a $3bn package of support in the coming months, starting with a fast-disbursing budget support operation for at least $350m that will be submitted to the Board for approval this week, followed by $200m in fast-disbursing support for health and education.
“This package will include the mobilisation of financing from several development partners, and we welcome the already-announced support from many bilateral partners.”
The institutions further added that they 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.
However, the IMF and World Bank pledged to stand ready and provide enhanced policy, technical, and financial support to neighboring countries as needed.