NextGen Day

ANKARA, Turkey — The International Monetary Fund (IMF) is working closely with Ukraine to determine the best crisis management strategies to avoid the country’s economic collapse, according to Managing Director Kristalina Georgieva.

“Money is crucial, but support in how to keep the financial system operating is also important,” Georgieva said in a live conversation hosted by the US news outlet Foreign Policy.

“The economic collapse of Ukraine tears my heart. We are likely to witness a reduction of up to a third of what it was prior to the conflict. Consider how that might affect people’s lives “she stated

According to Georgieva, the IMF responded quickly to Ukraine’s request for $1.4 billion in emergency finance to keep the country running and assist vulnerable individuals and the government in obtaining water and electricity in war-torn areas.

Russia’s war on Ukraine, according to the IMF’s president, came at a time when the world economy was still recovering from the coronavirus pandemic-induced crisis.

“What we wanted was for (global economic) growth to increase while inflation, which had become a problem, decreased. Rather, we have the polar opposite. Growth is slowing, while inflation is rising “she stated

“We’re measuring the impact of the war and sanctions in various parts of the world and across various categories of countries,” she continued.

The first group of countries, according to Georgieva, consists of Russia’s and Ukraine’s close neighbors, who have relatively weak economies that rely on trade.

Second, she continued, are countries that take in refugees, which now number 3.3 million people. The third group includes countries that rely on Russia and Ukraine for energy and food imports.

“Increased energy and food prices spell disaster. We encourage governments to focus their limited policy space on the most disadvantaged people “she continued.

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