13 Apr 2023 15:51

IMF's Georgieva urges Ukraine's partners to provide it with financing promptly

MOSCOW. April 13 (Interfax) - Ukraine and its foreign partners have been able to go a long way over the past year from "counting money by the week" to endorsing a four-year financing program, and yet timely financing provided by foreign partners still remains crucial, International Monetary Fund Managing Director Kristalina Georgieva said.

"I would emphasize the critical role of the timely disbursement of financing by external partners to avoid resorting to sub-optimal policies such as monetary financing," Ukrainian media quoted Georgieva as saying on Wednesday in remarks at the Third Ministerial Roundtable Discussion for Support to Ukraine during the IMF and World Bank Spring Meetings in Washington.

Georgieva said she was "heartened" to see how many countries have provided financing assurances to support Ukraine and the program.

"The framework has also been designed to encourage private investors to play an active role in Ukraine's recovery and reconstruction," she said.

The IMF program is aimed at helping Ukraine remain stable economically and financially and pursue critical reforms to promote growth and advance its accession to the EU, which is not easy in view of the ongoing crisis and highly uncertain conditions, she said.

"The program is therefore tailored to work under different potential scenarios to restore macroeconomic stability and achieve debt sustainability," she said.

He called on countries to support recovery projects in Ukraine by providing it with concessional financing.

"We know how challenging it can be to advance key projects at this time and secure timely financing that is sufficiently concessional. However, such projects are vital to support growth and address essential needs," Georgieva said.