“We must respond to Russia’s terror with greater cooperation. Terror must lose and Ukraine must win,” Ukrainian President Volodymyr Zelensky said during his speech at one of the meetings of the International Monetary Fund and the World Bank.
The Ukrainian leader added that “the more assistance Ukraine receives now, the closer the end of the conflict will be.” Highlighting the need for more financial support from international donors, he cited the need for US$38 billion to close the estimated budget deficit for the coming year.
The president added that Ukraine will need 2 million in earmarked credits to rebuild electrical infrastructure and that he is seeking an agreement with the International Monetary Fund for a loan program of up to 20 billion dollars.
IMF Director-General Kristalina Georgieva responded by praising the work carried out in recent months by the Ukrainian authorities, calling it impressive given their ability to “manage their economy in the extremely difficult circumstances following the invasion of Russia”.
However, Ukraine’s economic future remains difficult and because of this, according to Georgieva, “financial needs will remain high in 2023”, which “also requires action from the international community”. According to IMF estimates, Kiev will need 3 to 4 billion dollars a month for the whole of 2023.
Kiev Prime Minister Denys Shmyhal has urged finance ministers to support the Ukrainian call for the confiscation of hundreds of billions of dollars of frozen Russian assets. Shmyhal added that Ukraine will need $55 billion in external financing next year.
Source: Fan Page IT
Ashley Root is an experienced business journalist and author at The Nation View. With a background in economics and finance, she has a deep understanding of the inner workings of the business world and is able to provide insightful and informative analysis on a wide range of topics.
