Ukraine will require roughly $5 billion monthly to fund crucial federal government services and keep its economy working, according to the head of the International Monetary Fund (IMF). Kristalina Georgieva, the managing director of the IMF, told the press during an April 20th press conference that the IMF has “been engaged very closely with [Ukraine’s Ministry of Finance] on the estimates they have provided of what would be necessary to retain the functioning of the economy over the next three months. And they came up with the number of $5 billion a month.”
Georgieva stated that the IMF doubts the number however they “do not think [it] is out of the likely needs of the country.”
She cautioned that the $5 billion is simply to “keep the economy operating,” and it does not cover the “substantial” restoration requirements of post-war Ukraine.
The IMF just recently predicted that Ukraine’s economy will contract by 35% this year: “therefore filling this financing gap is best done by relying on grant financing, and that is what we want to see to mobilize funds for Ukraine,” Georgieva kept in mind.
The news comes the week after President Biden revealed that the United States would be sending out Ukraine an extra $800 million in military help and is apparently anticipated to reveal another $800 million bundle for Ukraine later on today– which would bring overall U.S. military help to Ukraine because the Russian intrusion started in late February to well over $3 billion.
“The Biden administration is preparing to announce another substantial military aid package for Ukraine this week, five U.S officials tell NBC News. Three officials said the package is expected to be similar in size to the $800 million one the administration announced last week,” NBC News reported, Biden has not yet signed the new aid package according to the news outlet.
Matt Miller, the special adviser at the White House National Security Council, said, “Of course, we are preparing the next package of security assistance to get into Ukraine. Because it is true they’re going through these stocks quickly.”
Ukrainian Prime Minister Denys Shmyhal said, “First of all, we need weapons. The second issue is medical support. But many countries support us in this medical sphere because they take our injured soldiers and take for them rehabilitation,” according to Business Insider.
“We have many negotiations with G20 countries, their ministers of finances of these countries, the international financial organization, IMF, World Bank,” Shmyhal told CBS Host Margaret Brennan.
H/T Timcast
