Joint IMF-World Bank Group Statement on the War in Ukraine
IMF News, March 1, 2022
Source details
- Canonical URL
- Joint IMF-World Bank Group Statement on the War in Ukraine
Other formats
Bibliographic details
- Published: March 1, 2022
Immediate humanitarian and economic impact
- “We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine.”
- Humanitarian effects described:
- People are being killed, injured, and forced to flee.
- Massive damage to the country’s physical infrastructure.
- Spillovers and global effects:
- Commodity prices are being driven higher and risk further fueling inflation, which “hits the poor the hardest.”
- Disruptions in financial markets will continue to worsen should the conflict persist.
- “The sanctions announced over the last few days will also have a significant economic impact.”
IMF and World Bank Group response and financing measures
- IMF actions:
- Responding to Ukraine’s request for emergency financing through the Rapid Financing Instrument; the Board could consider this “as early as next week.”
- Continued work on Ukraine’s Stand-By Arrangement program, under which an additional $2.2 billion is available “between now and the end of June.”
- World Bank Group actions:
- Preparing a $3 billion package of support in the coming months.
- Initial operations within the package:
- A fast-disbursing budget support operation for at least $350 million to be submitted to the Board for approval this week.
- $200 million in fast-disbursing support for health and education.
- The package “will include the mobilization of financing from several development partners,” and welcomes already-announced bilateral support.
Coordination, assessment, and support to neighboring countries
- Joint assessment and coordination:
- “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.”
- Institutions are “assessing the situation and discussing appropriate policy responses with our international partners.”
- Readiness to assist:
- “We stand ready to provide enhanced policy, technical, and financial support to neighboring countries as needed.”
- Emphasis on coordinated international action: “Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead.”
Content in this bundle
- Спільна заява МВФ та Групи Світового банку щодо війни в Україні