IMF Account for the Reconstruction of Ukraine

by Olha Povaliaieva
Monday, June 13, 2022
IMF Account for the Reconstruction of Ukraine

IMF representative Gerry Rice gave detail about a specialized international account for short-term assistance to Ukraine

The account administered by the International Monetary Fund is adaptive for the accumulation and prompt transfer of funds depending on the forecast. Today, the demand for recovery is enormous: as of early April, infrastructure damage alone was $4.25 billion.

During a briefing in Washington, Gerry Rice gave journalists the general details of the account and relations with Ukraine.

"The needs are huge. And so we would like to mobilize as many as possible," Gerry Rice.

Today, the specific amount of funds available is unknown. According to Gerry Rice, there was a request from Canada to increase the tranche from C$1 billion to C$1.250 billion, as well as €1 billion from Germany.

Gerry Rice also spoke about Ukraine's desire to form an additional program aimed at meeting medium-term needs. In particular, the post-war restoration of Ukraine.

We remind you that on March 10, 2022, the EU created the EU Solidarity Fund, aimed at various areas of assistance to Ukraine and its citizens during the war. According to the EU site:

  • Reception of refugees;
  • Humanitarian aid;
  • Civil protection support;
  • Support for member states;
  • Economic assistance;
  • Support for the Ukrainian armed forces;
  • Support in the prosecution of war crimes.

It is worth adding that many countries and organizations have already expressed their desire to take on the reconstruction of cities in Ukraine. In particular, the EU plans to cover the rebuilding of Mariupol, Greece - Odesa.

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