Beyond Ukraine, the repercussions of the conflict pose significant economic risks: IMF Managing Director

According to Kristalina Georgieva, IMF Managing Director, the repercussions of the conflict pose significant economic risks in the region and around the world. 

“This week’s events in Ukraine are a matter of grave concern—first and foremost due to the human toll and suffering of ordinary people. The conflict is also having a serious economic impact, which will worsen the longer it continues. This crisis comes at a delicate time when the global economy is recovering from the ravages of the Covid-19 pandemic and threatens to undo some of that progress,” Kristalina Georgieva stated.

“We are assessing the potential implications, including for the functioning of the financial system, commodity markets, and the direct impact on countries with economic ties to the region. We stand ready to support our members as needed, in close coordination with our international partners,” she added.

Georgieva informed that IMF is exploring all options for further financial support, including under the existing Stand-By Arrangement for an outstanding amount of $2.2 billion.

(WBJ)