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financing package for Ukraine should meet Ukraine's immediate payment needs and support its creditworthiness. It will also act as a catalyst for continued financial support from Ukraine’s creditors and donors. With the new tranche, the total financing from the IMF provided to Ukraine since the beginning of the war will amount to $2.7B.
IMF chief says Ukraine manages its finances well but needs more money.
International Monetary Fund Managing Director Kristalina Georgieva said that while Ukraine has managed its economy responsibly, huge sums will be needed to support the country. Ukraine will require $3B a month in a best-case scenario. However, that figure could climb to $5B with additional gas imports and reconstruction funding, Georgieva said at the Berlin conference. At the same time, Ukrainian President Zelenskyy urged allies to immediately provide his country with financial support. The government needs $17B for a quick recovery “as we have not got a single cent,” Zelenskyy told International Expert Conference on the Recovery, Reconstruction, and Modernization of Ukraine in Berlin in a video address.
The WB grants Ukraine $500M under British guarantees. The World Bank has allocated an additional $500M to Ukraine through the International Bank for Reconstruction and Development (IBRD) under guarantees from Great Britain announced in September, the WB said. The loan repayment period is 19 years with a five-year grace period and an interest rate of 0.25% per annum. The Ministry of Finance of Ukraine reported that money from the World Bank will be directed to the state budget for the payment of salaries to public sector employees, pensions, social benefits, such as payment of housing and communal services, support for low-income families, disabled children, and internally displaced persons. The World Bank, the issuer of the second largest amount of Ukraine's credit after the IMF, mobilized $13B in emergency financing for the state, of which $11.4B has already been allocated.
The EBRD will invest about €3B in Ukraine in 2022-2023. The European Bank for Reconstruction and Development (EBRD) will invest more than €1B in Ukraine in 2022 and wants to double this amount next year, stated the bank’s president, Odile Renaud-Basso, after meeting with President Volodymyr Zelenskyy. As reported by the head of the state’s press service, Zelenskyy emphasized that it is important to work on a quick recovery today, which requires urgent involvement of financial resources. First, this concerns energy facilities, infrastructure, education, and housing restoration for Ukrainians. A similar meeting was held by the PM of Ukraine, Denys Shmyhal. According to the head of the government, the €2B allocated to the EBRD at the beginning of the war is already working to support the stability of the energy and transport sectors of the Ukrainian economy.
Ukraine will receive $530M from the World Bank. The World Bank has announced an additional $530M in support for Ukraine. Of this money, $500M was provided by Great Britain and $30M by Denmark. As of September, the World Bank has mobilized almost $13B in emergency financing for Ukraine. Of this amount, $11B has already been allocated in full. The World Bank's Regional Director for Eastern Europe, Arup Banerjee, emphasized that the long-term costs of reconstruction and recovery in Ukraine are huge, and the needs for the next three years will reach more than $100B. "This figure is expected to grow as the war continues," Banerjee added.
Joe Biden approves $12.3B in aid to Ukraine. US President Joe Biden
35 UKRAINE Country Report November 2022 www.intellinews.com