Ukrainian President Volodymyr participates virtually from Kyiv in a World Bank-International Monetary Fund meeting on April 12, 2023, in Washington DC. EFE/Shawn Thew

IMF, World Bank promise Zelenskyy they will support Ukraine

Washington, Apr 12 (EFE).- The World Bank and the International Monetary Fund on Wednesday verified their support for the reconstruction of Ukraine at a negotiation session participated in by the ministers attending the spring meetings of the two organizations this week in Washington DC.

Ukrainian President Volodymyr participates virtually from Kyiv in a World Bank-International Monetary Fund meeting on April 12, 2023, in Washington DC. EFE/Shawn Thew

“(Ukraine) is performing remarkably well under the most devastating of circumstances,” IMF general director Kristalina Georgieva said in a speech delivered before the negotiation session, which was held behind closed doors, adding “And that is why it has the confidence of its people and it has the confidence of the international community.”

Washington (United States), 12/04/2023.- US Secretary of Treasury Janet Yellen arrives prior to the plenary session of the Development Committee during the 2023 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, DC, USA, 12 April 2023. The Spring Meetings run from 10 to 15 April 2023. (Estados Unidos) EFE/EPA/SHAWN THEW

This was the third ministerial roundtable to discuss Ukraine’s medium-term needs, essential recovery projects and reconstruction after the Russian invasion, as well as areas of international cooperation.

File photo showing Ukrainian President Volodymyr Zelenskyy addressing the 76th Session of the UN General Assembly in New York City, on Sept. 22, 2021. EFE/EPA/FILE/EDUARDO MUNOZ / POOL

It was co-chaired by the Ukrainian government, the World Bank and the IMF.

Ukrainian President Volodymyr Zelenskyy participated virtually, expressing his gratitude for the international support and noting that the figure needed after the evaluation of damage after more than a year of war amounts to $422 billion over the coming 10 years.

Also participating in person at the meeting was Ukrainian Prime Minister Denys Shmyhal, who thanked the international community and the two financial institutions for giving a “decisive response” to Russia’s military invasion.

“This assistance is unprecedented and we greatly appreciate it. But Ukraine’s losses and expenses are unprecedented too,” said Shmyhal, adding that Kyiv has a significant state budget deficit and still needs external support both to cover that deficit and for the upcoming economic recovery and rebuilding infrastructure in the devastated country.

Shmyhal noted that the IMF a few days ago approved a new financing program for Kyiv extending out for four years and including $15.6 billion, and he, too, thanked the G7 countries for their support with a long-term aid program valued at $115 billion and hailed the multilateral fiduciary fund created by the World Bank for reconstruction of his country.

The prime minister also thanked the United States for its support in the presence of US Treasury Secretary Janet Yellen, who once again reiterated that this support has no termination or expiration date.

“Supporting Ukraine is a collective effort. We welcome the efforts by our allies and partners to provide significant, predictable, and timely assistance, and urge all of us to continue doing so,” Yellen said.

She went on to say that the Zelenskyy government had “provided a steady hand for Ukraine amid Russia’s horrific war,” noting that economic activity is recovering and vital public services are being provided amid the continuing Russian bombardment and missile attacks.

“Your commitment to making sure that international assistance is being used responsibly is essential,” she told the Ukrainian leader, adding that the US will support the people and government of Ukraine against the “unjust, illegal and immoral” Russian war.

The secretary issued a call to the international community to remain firm in its support for Kyiv and to increase and accelerate assistance to the East European country, also hailing the cooperation between the World Bank and the IMF in Ukraine, which she said demonstrates the fundamental role played by these institutions in anchoring the international community’s response to crises.

EFE –/bp