IMF increases emergency funding for Ukraine to $1.4bn as Moscow-kyiv war enters 52nd day

As the Moscow-kyiv war has caused havoc and an economic crisis in the war-torn country, the International Monetary Fund (IMF) has decided to increase its emergency funding for Ukraine to 1.4 billion dollars. Managing Director of Kristalina Georgieva says Russia’s invasion of Ukraine has wreaked havoc on Ukraine’s economy and sent shockwaves around the world and IMF is stepping in with emergency funding $1.4 billion to help Ukraine meet its immediate spending demands. She further stated that many countries have been crippled and continue to be damaged due to the huge cost of war and that the IMF must do everything in its power to help Ukraine and all other affected countries. .

The Managing Director of the IMF also claimed that they had also opened a special account last week which offers a safe option to send additional funds to Ukraine and that they are also preparing for the vast reconstruction effort that will be necessary, in collaboration with foreign partners. She also said the IMF was also working hard to help Ukraine’s hard-hit neighbors like Moldova, which has already taken in more than 400,000 migrants despite a population of just 2.6 million, according to the site. IMF official.

“There is the human tragedy of ordinary men, women and children in Ukraine”

Georgieva said there was the human tragedy of ordinary men, women and children in Ukraine, including around 11 million internally displaced people. She further said that the economic ramifications of the war have spread rapidly and widely, affecting neighbors and beyond, the most vulnerable people bearing the brunt of the consequences. Hundreds of millions of households were already struggling to make ends meet due to falling wages and rising energy and food prices, and the situation has worsened considerably following the war. She said inflation has emerged as a clear and current concern for many countries around the world for the first time in many years.

Another major risk is the fragmentation of the global economy

She went on to say that another major risk is the fragmentation of the global economy into geopolitical blocs, each with its own set of trade and technology standards, payment systems and reserve currencies, further complicating crises. of the COVID-19 pandemic and war. She claimed that supply chains, research and development and manufacturing networks would be broken and should be rebuilt as this would disproportionately affect poor countries and people.

Image: AP/@KGeorgieva/Twitter

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