38 billion dollars are needed by Ukraine to cover the budget deficit for next year, a 17 billion – to start the restoration of critical infrastructures, the president specified Zelensky in an online address to the participants in the annual meeting of the World Bank and the International monetary fund and supports:
“The more support Ukraine gets now, the sooner we will end the Russian war. And achieving greater stability as soon as possible will ensure that this brutal war does not spread to other countries.”
The Director of the International Monetary Fund Kristalina Georgieva said the partners will give Kiev $ 35 billion this year for free and as loans, but the next one will require a lot more funds. Last week The Fund approved $ 1.3 billion through a new emergency funding mechanism for Ukraine.
Georgieva also warned him the risk of a global recession is now 25%, with the recession itself likely to “grow in many economies”, BNR reported. He added that even in economies where growth is expected to remain positive, it “will feel like a recession” due to rising prices and shrinking incomes.
In a press conference at the IMF and World Bank annual meeting in Washington, Georgieva stressed that the global economy has been hit by “successive shocks”, including the Covid-19 pandemic, Russia’s war. in Ukraine, the climate crisis and the cost of living. She warned that the uncertainty was “extremely high” due to all of this.
The head of the IMF urged central banks to take action to reduce inflation, pointing out that a tightening (rise in interest rates) would do more harm than a rise in interest rates themselves.
He also called on central banks to communicate their actions clearly and stressed that monetary and fiscal policies should go “hand in hand”.
According to Kristalina Georgieva, the economic slowdown caused by the tightening of monetary and interest policy will lead to a drop in commodity prices, which in turn will weaken inflation. You believe that much can be done to curb inflation through available monetary instruments.
The head of the IMF expressed confidence that the war in Ukraine will accelerate the “green transition” despite the increased reliance on coal energy this year due to the energy crisis.
