{
  "title": "Remarks by the IMF’s Managing Director Kristalina Georgieva at the Third Ministerial Roundtable Discussion for Support to Ukraine",
  "publication": "IMF News, April 12, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/04/12/sp041223-md-remarks-at-the-third-ukraine-ministerial",
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  "summary": "Remarks by the IMF’s Managing Director Kristalina Georgieva at the Third Ministerial Roundtable Discussion for Support to Ukraine",
  "publishDate": "2023-04-12",
  "sections": [
    {
      "heading": "Context and recent observations",
      "content": "- Delivered \"As Prepared for Delivery\" on April 12, 2023.\n- Noted devastating missile attacks on electricity and other critical infrastructure, causing loss of lives and hardship.\n- Reported first-hand observations from a February visit to Kyiv and Irpin:\n  - Disturbance at the cruelty of the war; specific mention of a child's drawing of a tank.\n  - Impressed by \"the remarkable resilience of the Ukrainian people and their determination to overcome the impact of the war.\"\n  - Shops open, people working, banks operating, and companies and households paying taxes.\n  - Example of recovery: a waste water treatment plant in Irpin that was bombed was \"completely restored and fully operational, and also freshly painted.\"\n  - Digital technology has improved access to social and administrative services compared to before the war.\n  - Most businesses have fully resumed operations; some are expanding thanks to rapid restoration of power, water, and heat.\n  - Engagements with women leaders, members of parliament, and businesspeople who showed confidence in the country's future."
    },
    {
      "heading": "IMF program, approvals, and financing packages",
      "content": "- IMF Board approved a new four-year program for Ukraine under the Extended Fund Facility (EFF) for a total of US$15.6 billion.\n- Upon approval on March 31, the IMF disbursed the first tranche of US$2.7 billion.\n- The IMF loan is part of a larger international support package totaling US$115 billion comprising grants and concessional loans from donors, as well as flow relief from debt operations.\n- At the start of Russia’s invasion, Ukraine was \"counting money by the week\"; by the last roundtable the needs for 2023 were discussed and a multi-year framework was developed."
    },
    {
      "heading": "Program goals, design, and conditionality",
      "content": "- Stated goal of the IMF program:\n  - Support Ukraine in sustaining economic and financial stability.\n  - Carry out critical reforms to promote growth.\n  - Advance accession to the EU.\n- Program design considerations:\n  - Tailored to work under different potential scenarios given the ongoing war and \"conditions of exceptionally high uncertainty.\"\n  - Aimed to restore macroeconomic stability and achieve debt sustainability.\n  - Framework designed to encourage private investors to play an active role in recovery and reconstruction.\n- Emphasized policy risks and the importance of external financing:\n  - Critical role of timely disbursement of financing by external partners to avoid resorting to sub-optimal policies such as monetary financing."
    },
    {
      "heading": "Reconstruction, coordination, and next steps",
      "content": "- Acknowledged work by the World Bank, European Commission, and Ukrainian authorities on the latest damage and needs assessment and identification of critical needs, noting alignment with on-the-ground observations in Kyiv.\n- Highlighted challenges:\n  - Advancing key projects during wartime and securing timely, sufficiently concessional financing.\n- Policy stance on reconstruction projects:\n  - Such projects are \"vital to support growth and address essential needs.\"\n  - Commitment to work closely with Finance Minister Sergii Marchenko and his team to ensure essential projects can be integrated into the financing envelope under the EFF \"without jeopardizing the hard-won efforts to restore macroeconomic stability and debt sustainability.\"\n- Closing appeal: work ahead should \"be soonest carried out in peace.\"\n\nSource: Remarks by the IMF’s Managing Director Kristalina Georgieva at the Third Ministerial Roundtable Discussion for Support to Ukraine (April 12, 2023).\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Ukraine and the IMF\n- Speeches\n- PRESS CENTER\n- program\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/04/12/sp041223-md-remarks-at-the-third-ukraine-ministerial"
    }
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    "Published: April 12, 2023",
    "Delivered \"As Prepared for Delivery\" on April 12, 2023.",
    "Noted devastating missile attacks on electricity and other critical infrastructure, causing loss of lives and hardship.",
    "Reported first-hand observations from a February visit to Kyiv and Irpin:",
    "IMF Board approved a new four-year program for Ukraine under the Extended Fund Facility (EFF) for a total of US$15.6 billion.",
    "Upon approval on March 31, the IMF disbursed the first tranche of US$2.7 billion.",
    "The IMF loan is part of a larger international support package totaling US$115 billion comprising grants and concessional loans from donors, as well as flow relief from debt operations.",
    "At the start of Russia’s invasion, Ukraine was \"counting money by the week\"; by the last roundtable the needs for 2023 were discussed and a multi-year framework was developed.",
    "Stated goal of the IMF program:",
    "Program design considerations:",
    "Emphasized policy risks and the importance of external financing:",
    "Acknowledged work by the World Bank, European Commission, and Ukrainian authorities on the latest damage and needs assessment and identification of critical needs, noting alignment with on-the-ground observations in Kyiv.",
    "Highlighted challenges:",
    "Policy stance on reconstruction projects:",
    "Closing appeal: work ahead should \"be soonest carried out in peace.\"",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[program](https://www.imf.org/en/Publications/CR/Issues/2023/03/31/Ukraine-Request-for-an-Extended-Arrangement-Under-the-Extended-Fund-Facility-and-Review-of-531687)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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