## Ukraine: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Ukraine

_IMF Staff Country Reports, October 19, 2022_

## Source details

**Canonical URL:** [Ukraine: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Ukraine](https://www.imf.org/en/publications/cr/issues/2022/10/19/ukraine-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-524913)

## Other formats

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## Bibliographic details
- Published: October 19, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400223815.002

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### Humanitarian and economic impact
- The Russian invasion of Ukraine that started "over seven months ago" has caused large loss of life, large population displacement, and significant infrastructure damage.
- The impact on economic activity has been enormous:
  - real GDP has severely contracted;
  - inflation has risen sharply;
  - trade has been significantly disrupted;
  - the fiscal deficit has ballooned to unprecedented levels.

### Monetary, exchange rate, and financial sector response
- In the immediate aftermath of the invasion, the authorities quickly adapted monetary and exchange rate policies to preserve financial and exchange rate stability.
- More recently, and to help reverse significant international reserves loss, the exchange rate was devalued, helping to stabilize FX reserves and maintain overall macroeconomic and financial stability.

### Fiscal policy priorities and public spending
- Fiscal policy has been geared to priority spending on:
  - defense;
  - social benefits;
  - humanitarian needs;
  - and where possible some fixing of critical infrastructure.

### Uncertainty, financing needs, and downside risks
- Uncertainty around the size of financing needs remains extremely elevated and highly dependent on the length of the war and its intensity.
- Economic risks loom large, including those related to:
  - potential additional damage to critical infrastructure;
  - new disruptions to the agricultural and energy sectors.

### Subject and keywords
- Subject: Balance of payments, Balance of payments need, Credit, Exports, Foreign exchange, International organization, International trade, Monetary policy, Money, Revenue administration
- Keywords: Balance of payments need, Credit, emergency financing needs, Exports, financing gap, financing needs, Global, government institution, RFI support

*International Monetary Fund. Ukraine: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Ukraine. Country Report No. 2022/323, Issue 323, Volume 2022.*

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- **1ukrea2022002**
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_Source: https://www.imf.org/en/publications/cr/issues/2022/10/19/ukraine-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-524913_