IMF, World Bank condemn invasion, prepare emergency aid for Ukraine

The world’s two biggest international financial bodies have condemned Russia’s invasion of Ukraine and announced a multibillion-dollar emergency financing package for the beleaguered Ukrainian government.

The heads of the World Bank and International Monetary Fund issued a joint statement Tuesday afternoon announcing the measures.

The statement did not mention Russia by name, but said the two bodies were also assessing whether new aid and support will be needed for countries in the region affected by the fighting.

“We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine,” World Bank President David Malpass and IMF Managing Director Kristalina Georgieva said in the statement.

“People are being killed, injured and forced to flee, and massive damage is caused to the country’s physical infrastructure. We stand with the Ukrainian people through these horrifying developments,” they added.

The two said their institutions have been in daily contact with Ukrainian authorities since the fighting began last week.

The IMF said its board would take up as early as next week a request from Kyiv for an emergency financing package and aims to complete a larger financing agreement worth $2.2 billion by the end of June.

The World Bank said it is preparing a separate $3 billion package of support for Ukraine, including an emergency provision of at least $350 million that could be approved this week.

The joint statement noted there have been “significant spillovers” to other countries from the war, including rising commodity and energy prices and disruptions in financial markets.

The World Bank and IMF “are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world,” the joint statement said. “We stand ready to provide enhanced policy, technical and financial support to neighboring countries as needed.”