"Today, we have sent our Executive Board a proposal, which they will consider tomorrow, to approve $1.4 billion in support of Ukraine to help it overcome the [economic] shock caused by this war," the IMF Managing Director said.
In addition, according to Kristalina Georgieva, the IMF has changed the focus of negotiations with the Ukrainian authorities in the framework of current cooperation - from "reforms" to "crisis management."
"IMF staff are in daily contact with key Ukrainian officials. And I can tell you, it's so impressive to see how they work together with dedication and professionalism, despite the sirens that can be heard even during discussions," said the IMF Managing Director.
At the same time, she noted, the IMF is helping Ukraine mobilize financial support and resources.
“IMF and World Bank are two institutions that are often tasked with channeling coordinated assistance to countries in need. Today we must help Ukraine overcome this shock, but there will come a moment of recovery for Ukraine,” Kristalina Georgieva stressed.
She also mentioned that, according to the IMF’s estimations, the war caused by Russia and the sanctions imposed against it, the rupture of economic and trade relations would negatively affect the whole region.
“Some of the immediate neighbors who have been directly affected by this conflict are already turning to the IMF for additional help. For example, Moldova has asked us to increase aid, and we will do everything possible for our members who need support, " the IMF Director said.
Ukraine asked G7 countries to initiate and implement a procedure to suspend the operations of the IMF and the World Bank Group with Russia and Belarus, and terminate their membership in these organizations.