The International Monetary Fund (IMF) and the World Bank (WB) announced on the 1st (local time) that they are preparing more than $5 billion in package funding to Ukraine.
IMF President Crystalina Georgieva and World Bank President David Malpass made a joint statement that day.
The IMF said Ukraine’s request for emergency financing through the rapid financial system (RFI) could be reviewed by the board of directors as early as next week.
It also stressed that the IMF continues to work on Ukraine’s Stand-By loan agreement program worth an additional $2.2 billion until the end of June.
In addition, the World Bank said it is preparing a $3 billion support package over the next few months and plans to submit approval for at least $350 million in emergency spending funds to the board of directors this week. He then explained that he will submit a $200 million fund approval plan for health and education programs.
In addition, the IMF board of directors said it could review Ukraine’s request for $2.2 billion worth of financing as early as next week. The IMF plans to deal with the funds before the end of June.
The IMF and the World Bank said they are evaluating the economic and financial impact of Russia’s invasion of Ukraine on other countries and the world, stressing that they are ready to provide strengthened policy, technology, and financial support to Ukraine’s neighboring countries as needed.
The UN Refugee Organization said more than 660,000 people left Ukraine after Russia’s invasion and moved to countries such as Poland, Romania, and Hungary.
