IMF Wants $4 Billion a Month for Ukraine

Ukraine needs between $3 billion and $4 billion every month to keep its government from collapsing amid the ongoing conflict with Russia, the International Monetary Fund (IMF) said.

“Indeed, the Ukrainian authorities have done an impressive job in managing their economy through extremely difficult circumstances following Russia’s invasion,” IMF Managing Director Kristalina Georgieva said at the Second Ministerial Roundtable Discussion for Support to Ukraine in Washington, D.C.

Georgieva said Ukraine’s financial requirements would remain strong throughout 2023.

“This requires actions on the part of the authorities but, importantly also the international community,” Georgieva said.

“The external financing requirement will remain large as long as the war is ongoing. Our current thinking is that the financing requirements will be around US$3-US$4 billion per month in 2023,” she added.

Georgieva said the billions of dollars in financial aid would go towards rebuilding infrastructure, energy imports, and basic social services in Ukraine.

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“We all have to be alive to the possibility that social and infrastructure requirements could push financing needs beyond this range, depending on the evolution of the war,” she noted.

Volodymyr Zelensky’s appeal to donors

Ukrainian President Volodymyr Zelensky made an appeal to international donors for billions of dollars the same day as the IMF’s estimate.

According to Zelensky, his country needs roughly $38 billion to $55 billion to cover next year’s estimated budget deficit.

The Ukrainian leader said another $17 billion was needed to help the country rebuild critical infrastructures, like housing, energy facilities, and schools.

“The more assistance Ukraine gets now, the sooner we’ll come to an end to the Russian war, and the sooner and more reliably we will guarantee that such a cruel war will not spread into other countries,” Zelensky said via video teleconference to finance ministers at the World Bank and IMF annual meetings on Wednesday.

$35 billion in grant and loan financing has already been provided by the IMF and World Bank to Ukraine this year alone, Georgieva said on Wednesday.

The IMF and World Bank have already provided Ukraine with $35 billion in grant and loan financing this year, Georgieva said on Wednesday.

Meanwhile, U.S. Treasury Secretary Janet Yellen suggested they would continue to pressure the United States to provide aid to Ukraine over the next year.

Yellen urged financial donors to “keep stepping up” to provide financing to Ukraine, noting Washington “recently reaffirmed our commitment to Ukraine through congressional approval of another $4.5 billion in grant assistance, which we will begin to disburse in the coming weeks.”

“This is in addition to the $8.5 billion in grants already disbursed, making the United States the largest provider of economic assistance to Ukraine,” Yellen said.

“As Russia’s shameful actions continue, we must continue our joint efforts and begin planning for Ukraine’s needs in 2023,” Yellen added.

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